SB296 Summary

• Proposes an amendment to Amendment 772 of Alabama's Constitution to clarify that all counties and municipalities have authority to undertake economic development projects without requiring prior local constitutional amendments.

• Revises indebtedness limits for economic development purposes, allowing counties and municipalities to issue bonds up to 50 percent of assessed taxable property value, with such debt not counting toward constitutional borrowing capacity limits.

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

• Ratifies all actions taken and agreements made by counties and municipalities under Amendment 772 prior to ratification of this amendment, except those subject to pending judicial challenges on the date of adoption.

• Exempts counties and municipalities from Sections 93, 94, and 222 of the Alabama Constitution when incurring economic development debt, unless issuing general obligation bonds with repayment requirements.