Loading chat...
AL HB212
Bill
Status
3/9/2011
Primary Sponsor
Juandalynn Givan
Click for details
AI Summary
-
State economic development fund commitments to companies are invalid unless the state and company execute a mutually acceptable written contract within five years of the commitment date.
-
Any existing commitments made before the bill's effective date become void if no written contract is executed within five years from the original commitment date or one year after the bill becomes effective, whichever is later.
-
Written contracts must outline the conditions of the project for the commitment to remain valid.
-
The act becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Economic development, financial commitments to build or expand in Alabama, written contracts required within certain time period, existing commitments without written contract void after certain period of time
Economic Development
Last Action
Collins motion to Indefinitely Postpone adopted Voice Vote
4/27/2011