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AL HB500
Bill
Status
3/8/2018
Primary Sponsor
Chris Sells
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AI Summary
HB500 Summary
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Amends Alabama Code Sections 11-8A-3 and 11-8A-4 to require bond financing agreement documents include a detailed schedule of all county debt obligations for the maturity period of the debt at issue.
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Requires the county commission chair and bond underwriter's authorized signatory to sign acknowledgment that total debt obligations and payment schedules have been presented and explained to all commission members prior to bond sale.
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Extends the same bond financing review procedures and requirements to municipalities and local school boards, requiring them to complete government bond financing review forms prepared by the Department of Examiners of Public Accounts.
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Requires municipalities and local school boards to submit completed bond financing review forms to the Department of Examiners of Public Accounts within 10 business days of bond issuance, with forms kept on file and available for public inspection for seven years.
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Mandates municipalities and local school boards consult with either an attorney or certified public accountant when preparing government bond financing review forms and reviewing all bond or swap agreement documents.
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Becomes effective October 1, 2018.
Legislative Description
Local governments, bond financing review forms, bond financing agreement documents to include a schedule of all of the debt obligations of teh county under certain conditions, signed acknowledgement required, municipalities and local school boards requried to follow the same procedures required of a county before entering into a bond financing agreement and required to complete a government bond financing review form developed by the Department of Examiners of Public Accounts, Secs. 11-8A-3 & 11-8A-4 am'd.
Bond Financing
Last Action
Pending third reading on day 21 Favorable from Fiscal Responsibility
3/15/2018