AL SB362

Proposes a constitutional amendment authorizing the issuance of general obligation bonds up to $80,000,000 for improvement, renovation, equipping, acquisition, provision, construction, and maintenance of Alabama's 21 state parks under the Department of Conservation and Natural Resources.

Creates the Alabama State Parks Enhancement Authority to issue and manage the bonds, with proceeds deposited into the Alabama State Parks Enhancement Fund and used exclusively for authorized state park projects.

Pledges the full faith, credit, and taxing power of the state to bond repayment and specifies that bonds mature within 20 years; bonds and interest income are exempt from state taxation except inheritance, estate, and gift taxes.

Authorizes the authority to sell bonds through public or private sale, with competitive bids sold to the lowest true interest cost bidder; Governor approval required for bond terms and conditions.

Election on the proposed amendment shall be held at the next statewide primary election in 2022; requires the Alabama State Parks Enhancement Authority to strive to use businesses reflecting the state's racial and ethnic diversity in bond and construction activities.