AL HB394

Authorizes the Alabama Building Renovation Finance Authority to issue bonds in an aggregate principal amount not to exceed $50 million for construction, renovation, and improvement of public office building facilities, including the State Capitol.

Permits bonds to be sold through public sale, private sale, or negotiated sale as determined by the authority, with public sales conducted on sealed bids or public auction basis to achieve lowest effective borrowing true interest cost.

Requires notice of public bond sales to be published in a financial journal or newspaper in New York City and in a state newspaper at least 10 days prior to the sale date.

Amends Section 41-10-461 of the Code of Alabama 1975 to clarify bond sale procedures and require Governor approval of the terms and conditions under which bonds may be issued.

Becomes effective immediately upon passage and approval by the Governor.