SB473 Summary

• Authorizes the Alabama Corrections Institution Finance Authority to issue up to $60 million in additional bonds for acquiring and improving the Perry County Correctional Center and providing additional bedspace in existing facilities.

• Allows up to $1 million from bond proceeds to be provided to the Perry County Commission to compensate for future loss of tax revenue from the facility.

• Prohibits the Authority from entering into any swap agreements involving the bonds authorized by this act.

• Requires the Department of Corrections to employ otherwise eligible employees below the rank of captain from the Perry County facility through provisional appointments upon the Authority's acquisition of that facility.

• Requires full public disclosure of all monetary transactions completed pursuant to the act and mandates competitive bidding for bond sales when practical and economically feasible.