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AL HB417
Bill
Status
2/23/2012
Primary Sponsor
Mary Moore
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AI Summary
HB417 Summary
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Amends Section 11-81-3, Code of Alabama 1975, to authorize counties to file for bankruptcy or enter into debt restructuring when experiencing financial distress.
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Specifically permits counties that are delinquent or in default on public indebtedness to seek bankruptcy protection.
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Also allows counties to pursue bankruptcy as an alternative to accepting forbearance agreements from creditors in lieu of default.
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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
2/23/2012