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AL HB486
Bill
Status
6/2/2011
Primary Sponsor
Jay Love
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AI Summary
HB486 Summary
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Creates the Garrett Coliseum Redevelopment Corporation as a public corporation governed by the Agricultural Center Board to manage renovation and improvement of the Garrett Coliseum in Montgomery.
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Authorizes the corporation to issue up to $100,000,000 in bonds (exclusive of refunding bonds) for coliseum project work, with repayment from revenues derived from leasing or operating the facility.
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Revises the Alabama Agricultural Center Board composition to include the Director of Finance, Governor, Commissioner of Agriculture and Industries, Chair of Montgomery County Commission, Mayor of Montgomery, President of Montgomery City Council, and four appointed members reflecting racial, gender, urban/rural, and economic diversity.
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Conveys coliseum property from the state to the corporation upon passage, with a right of reverter to the state upon dissolution of the corporation.
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Repeals Article 2 of Chapter 6 of Title 2, Code of Alabama 1975 (the agricultural center corporation provisions) and provides procedures for corporation dissolution once all bonds and obligations are paid in full.
Legislative Description
Agricultural Center Board, members revised, Garrett Coliseum Redevelopment Corporation, established, powers, duties, issuance of revenue bonds, designated use of proceeds, dissolution procedures, Sec. 2-6-1 am'd.; Secs. 2-6-20 to 2-6-38, inclusive, repealed (2011-21098)
Agricultural Center Board
Last Action
Delivered to Governor at 6:50 p.m. on June 2, 2011.
6/2/2011