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AL SB342
Bill
AI Summary
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Amends Act 80-327 (1980) to require public water works boards in Class 1 municipalities to pay annual interest on all customer security deposits for utility service.
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Interest rate for each calendar year is set at the federal funds rate in effect on December 31 of the preceding calendar year.
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Became effective immediately upon passage and approval by the Governor.
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Passed the Alabama Senate on April 12, 2011 and the House of Representatives on May 26, 2011.
Legislative Description
Class 1 municipalities, waterworks board, interest on deposits, rate provided for, Act 80-327, 1980 Reg. Sess. am'd.
Class 1 Municipalities
Last Action
Forwarded to Governor on May 26, 2011 at 11:30 a.m. on May 26, 2011
5/26/2011
Committee Referrals
Jefferson County Legislation4/12/2011
Local Legislation No. 24/5/2011
Full Bill Text
No bill text available