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AL SB217
Bill
AI Summary
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Require an administrative fee of 2% to be included in every bond issue authorized by the State of Alabama, any State Agency, or State-created public authority.
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Create the Alabama Economic Development Trust Fund in the State Treasury to receive proceeds from the 2% administrative fee charged on bonds.
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Direct funds deposited to the Alabama Economic Development Trust Fund to be appropriated and expended by the Alabama Development Office for purposes of economic development as defined in Amendment 666 of the Alabama Constitution, 1901.
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Designate the legislation as the David Echols bill.
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Make the act effective on the first day of the third month following its passage and approval by the Governor, or otherwise becoming law.
Legislative Description
Alabama Economic Development Trust Fund, established, funded by two percent administrative fee from bonds issued by the state, state agencies, or authorities for economic development purposes
Business and Commerce
Last Action
Read for the first time and referred to the Senate committee on Job Creation and Economic Development
2/7/2012