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AL SB19
Bill
AI Summary
SB19 Summary
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Extends the maximum maturity date for bonds issued by the Alabama State Parking Deck Authority from 20 years to 32 years after issuance.
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Redefines "facilities" to include a mixed-use parking garage with ground floor public parking stalls and retail or commercial space, located on a specific block in Montgomery's Capitol complex bounded by Pelham, Jackson, Washington, and South Ripley streets.
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Authorizes the Alabama State Parking Deck Authority to lease facilities to private parties and other non-state entities, in addition to existing authority to lease to state agencies.
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Permits the authority to transfer all or a portion of accumulated reserve fund balances to the State General Fund after all bonds have been fully paid.
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Repeals Section 41-10-515 regarding leasing of vacant or unused facilities and establishes procedures for the Director of Finance to direct warrant payments for delinquent lease payments from lessees with appropriated funds.
Legislative Description
State Parking Deck Authority, maturity date for bonds further provided for, specifications of state parking deck altered, transfer to General Fund from Authority's reserve fund, Sec. 41-10-515 repealed; Secs. 41-10-490, 41-10-497, 41-10-502, 41-10-513, 41-10-516 am'd.
Bonds
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
1/9/2018