AL HB542

Proposes a constitutional amendment to increase bonding authority under Amendment 666 by an additional $50,000,000 for Alabama National Guard armories.

Bonds must be sold through public sale or auction on sealed bids with competitive bidding to the lowest bidder, with all bids potentially rejected if none are acceptable.

Requires the Bond Commission to contract with businesses or individuals reflecting the racial and ethnic diversity of the state for issuance expenses, contracts, and appointments.

Bonds issued under this amendment shall have a maturity of 20 years or less, with all proceeds distributed to the Armory Commission of Alabama for plans, construction, and maintenance of National Guard armories.

Authorizes necessary Oil and Gas Capital Payments from the Alabama Trust Fund to be paid into the Alabama Capital Improvement Trust Fund to cover principal and interest payments on the authorized bonds.