AL SB260

Increases bonding authority under Amendment 666 of the Alabama Constitution by $50,000,000 for General Obligation bonds.

Requires bonds to be sold through competitive bidding (sealed bids or public auction) to the bidder offering the lowest true interest cost to the state.

Mandates the Bond Commission contract with businesses or individuals that reflect the racial and ethnic diversity of the state for issuance expenses and related services.

Bonds 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 use of Oil and Gas Capital Payments from the Alabama Trust Fund to pay principal and interest on the authorized bonds, with all other provisions of Amendments 666 and 856 remaining unchanged.