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AL SB294
Bill
Status
1/19/2010
Primary Sponsor
Kim Benefield
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AI Summary
SB294 Summary
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Amends Section 9-15-82 of the Code of Alabama 1975 to reduce the state's repurchase period from five years to three years for property sold by the state to county, municipal, or federal entities that is subsequently resold to private parties.
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Exempts municipal commercial development authorities operating under Article 6 of Chapter 54, Title 11 of the Alabama Code from standard statutory procedures governing the sale or transfer of state-owned real property.
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Requires property sold by the state to non-private entities to remain unsold to private parties for at least three years, with the state retaining the right to repurchase within that timeframe at the original sale price.
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Applies retroactively to June 29, 1995, with the effective date upon passage and approval by the Governor or upon becoming law.
Legislative Description
State property, time period for state to repurchase land sold by state to certain entities if later sold to private person or entities, decreased, municipal commercial development authorities exempt from procedures regarding sale or transfer of state property, retroactive effect, Sec. 9-15-82 am'd.
State Property
Last Action
Indefinitely Postponed
4/14/2010