HB458 Summary

• Proposes amendment to Amendment 772 of Alabama Constitution to clarify that all counties and municipalities may exercise economic development powers without requiring local constitutional amendments.

• Revises indebtedness limits for economic development projects, allowing counties and municipalities to issue bonds up to 50 percent of assessed taxable property value.

• Modifies notice requirements for economic and industrial projects to permit publication in any newspaper in circulation within the county or municipality, rather than requiring the largest circulation newspaper.

• Validates all prior actions and agreements taken by counties and municipalities under Amendment 772 prior to ratification, except those currently subject to pending judicial proceedings.

• Requires public meetings and governing body resolutions to approve lending of credit or grants of public funds to private entities for economic development, with detailed public notice describing the action and benefiting entities.