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AL SB414
Bill
Status
3/15/2012
Primary Sponsor
Hank Sanders
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AI Summary
SB414 Summary
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Increases bonding authority under Amendment 666 from $350 million to $1.25 billion for General Obligation Bonds.
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Increases the percentage of Oil and Gas Capital Payments transferred to special trust funds from 35% to 70% annually, with 7% going to County and Municipal Government Capital Improvement Trust Fund and 63% to Alabama Capital Improvement Trust Fund.
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Requires all bonds be sold through competitive bidding (sealed bids or public auction) 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 Alabama for bond issuance expenses, contracts, and appointments.
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Repeals Amendment 796 (Section 219.041) effective upon ratification, while preserving 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 General Fund
3/15/2012