SB202 Summary

• Amends Alabama Code Sections 11-8A-3 and 11-8A-4 to strengthen bond financing review requirements for counties and extends similar requirements to municipalities.

• Requires bond financing agreement documents to include a comprehensive schedule of all county debt obligations with a statement signed by the county commission chair and bond underwriter acknowledging the debt schedule has been presented and explained.

• Mandates municipalities follow the same bond financing procedures as counties, including executing a government bond financing review form developed by the Department of Examiners of Public Accounts and consulting with an attorney or certified public accountant before bond issuance.

• Requires completed bond financing review forms be submitted to the Department of Examiners of Public Accounts within 10 business days of bond issuance and kept on file for public inspection for seven years.

• Exempts from these requirements any bond financing agreements for utility system improvements (gas, electric, water, sewer) or debts payable from utility system revenues; becomes effective October 1, 2019.