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AL SB496
Bill
Status
3/4/2010
Primary Sponsor
Roger Bedford
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AI Summary
SB496 Summary
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Increases the Alabama Incentives Financing Authority's aggregate principal amount of bonds that may be issued from $175,000,000 to $300,000,000.
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Authorizes the authority to finance and pay for certain economic development costs, projects, and related expenses beyond the existing research and training facility projects.
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Permits the authority to establish and maintain a "Maintenance Fund" for payment of operating and maintenance expenses for projects owned or operated by the authority.
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Authorizes the Governor to enter into a "Funding Agreement" allowing the state to provide funds to the authority if reserve funds fall short due to inadequate pledged revenues for debt service payments.
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Allows the authority to transfer surplus moneys from its Special Fund to either the state General Fund or the Maintenance Fund, subject to specified conditions regarding debt service coverage ratios.
Legislative Description
Alabama Incentives Financing Authority, increase in principal amount of bonds, additional terms for financing and debt service for economic development projects provided where moneys must be drawn from a reserve fund to meet obligations, Secs. 41-10-541, 41-10-547, 41-10-550, 41-10-551 am'd.
Alabama Incentives Financing Authority
Last Action
Pending third reading on day 21 Favorable from Finance and Taxation General Fund
4/14/2010