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AL HB671
Bill
Status
5/24/2011
Primary Sponsor
Oliver Robinson
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AI Summary
HB671 Summary
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Amends Section 11-81-3 of the Code of Alabama 1975 to authorize counties in financial distress to file for bankruptcy or restructure debt.
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Specifically permits counties that are delinquent or in default on public indebtedness, or that accept creditor forbearance in lieu of default, to seek bankruptcy protection.
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Preserves existing powers of county governing bodies to issue refunding or funding bonds and pursue debt adjustment under federal bankruptcy law.
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Applies to counties, cities, towns, and municipal authorities organized under Article 9, Chapter 47 of Alabama law.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
County, city or town, or municipal authority organized under Article 9, commencing with Section 11-47-210, Chapter 47, Title 11, Code of Alabama 1975, relating to the funding, refunding, process of adjustment of public debts, counties may seek bankruptcy protection under certain financial situations, Sec. 11-81-3 am'd.
Counties
Last Action
Read for the first time and referred to the House of Representatives committee on County and Municipal Government
5/24/2011