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AL SB364
Bill
AI Summary
SB364 Summary
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Amends county bond financing review requirements to include a detailed schedule of all county debt obligations for the maturity period of the debt being issued, which must be signed by the county commission chair and bond underwriter.
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Requires the county commission chair and bond underwriter to sign an acknowledgment that the total debt obligations and payment schedule have been presented and explained to all county 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 developed by the Department of Examiners of Public Accounts.
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Mandates that all government bond financing review forms be submitted to the Department of Examiners of Public Accounts within 10 business days of bond issuance and be kept available for public inspection for seven years.
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Requires municipalities and local school boards to consult with an attorney or certified public accountant when preparing bond financing review forms and 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 the county under certain conditions, signed acknowledgement required, municipalities and local school boards required 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 22 Favorable from County and Municipal Government
3/20/2018