AL SB362

Creates the Alabama Poultry Farm Revolving Loan Fund administered by the Department of Agriculture and Industries to provide loans for poultry and egg farm operators transitioning from propane-fueled to wood-fueled heating sources.

Department shall adopt rules establishing loan application requirements and criteria, including borrower declaration to utilize wood products produced in Alabama, with interest rates sufficient to cover fund operational costs and bond repayment.

Authorizes the Department of Agriculture and Industries to issue revenue bonds not exceeding $30,000,000 in aggregate principal amount for fund capitalization, with bonds repayable solely from loan payments and fund revenues.

Revenue bonds shall have maturity dates no later than 30 years after issuance and are not general state obligations; Commissioner may establish payment locations, registration provisions, exchange privileges, and redemption options.

Act becomes effective on the first day of the third month following passage and approval by the Governor, or upon otherwise becoming law.