HB733 Summary

• Removes the requirement that incorporators of commercial development authorities must be qualified electors of the municipality where the authority is being formed.

• Allows any number of natural persons (not less than three) to file an application to incorporate a commercial development authority, eliminating the elector qualification.

• Permits authorities whose membership consists solely of county or municipal governments, boards of education, or their respective agencies to be incorporated at any time, regardless of whether another authority already exists in the jurisdiction.

• Amends sections 11-54-171, 11-54-173, 11-54-174, 11-54-178, and 11-54-190 of the Code of Alabama 1975 to reflect these changes to commercial development authority formation rules.

• Becomes effective on the first day of the third month following passage and approval by the Governor.