SB2 Summary

• Changes the Alabama Municipal Electric Authority board of directors from a fixed nine members to a number equal to the municipalities contracting with the authority for bulk electric power and energy purchases.

• Requires staggered terms for new board members elected after 2015 to maintain approximately equal numbers of members with terms expiring each year.

• Authorizes board compensation of up to $600 per meeting actually attended, subject to unanimous board vote, with members eligible for reimbursement of actual expenses.

• Requires the authority to be audited annually by an independent auditing and accounting firm selected and compensated by the authority, with audit copies available to interested parties including bondholders and contracting parties.