SB383 Summary

• Creates the Alabama State Parks Enhancement Authority as a public corporation to manage bond issuance for state parks improvement, renovation, acquisition, construction, equipping, and maintenance under the Department of Conservation and Natural Resources.

• Authorizes issuance of up to $80,000,000 in general obligation bonds backed by the full faith and credit of the state, with proceeds deposited in the Alabama State Parks Enhancement Fund.

• Establishes a board of directors comprised of the Governor (president), Commissioner of Conservation and Natural Resources (vice-president), Director of Finance (secretary), State Treasurer (treasurer), and legislative leadership designees, with a three-member quorum required for business.

• Permits bond proceeds to be temporarily invested in approved securities and allows refunding bonds to be issued under specific conditions, including a requirement that refunding debt service not exceed 97% of original bond debt service.

• Becomes effective upon passage and Governor approval, contingent on ratification of the constitutional amendment proposed in SB362 of the 2021 Regular Session.