AL SB76

Amends Section 41-10-27 of the Code of Alabama 1975 to remove the requirement that grantees receive fair market value when selling land owned by the authority for which a grant is made.

Authorizes the authority to sell and issue bonds not exceeding $2,600,000.00 in aggregate principal amount for making grants to support industrial development activities.

Permits grant funds to be used for surveys to locate industrial sites, assess local labor availability and skills, prepare industrial sites, or combinations thereof.

Limits grants for industrial site preparation to no more than 1.5 percent of anticipated construction and equipment costs for facilities occupying the sites.

Grants the authority power to audit grantee disbursements and establish other appropriate terms and conditions to enforce grant requirements.