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AL SB395
Bill
Status
3/15/2012
Primary Sponsor
Hank Sanders
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AI Summary
SB395 Summary
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Proposes a constitutional amendment to amend Sections IV, VIII, and IX of Amendment 666, increasing oil and gas capital payments transferred to trust funds from 35% to 70% annually.
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Raises the bonding authority limit from $350 million to $1.25 billion for General Obligation Bonds backed by the state's full faith and credit.
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Requires the Bond Commission to conduct competitive bidding for bond sales through sealed bids or public auction, awarding to the bidder with the lowest true interest cost to the state.
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Mandates the Bond Commission contract with businesses or individuals reflecting the racial and ethnic diversity of the state for issuance expenses, contracts, and appointments related to bond issuance.
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Repeals Amendment 796 to the Constitution of Alabama of 1901, though this repeal does not affect the validity of bonds previously authorized under Amendment 796.
Legislative Description
Alabama Trust Fund, unrealized capital gains, oil and gas capital payments received during fiscal year, excluded from the calculation, clarified, realized gains from a public exchange traded equity asset, purchased and sold in same fiscal year, calculation method established, Amendment 666 (Section 219.04, Recompiled Constitution of Alabama of 1901, as amended), am'd., const. amend.
Constitutional Amendments
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
3/15/2012