AL HB87

Authorizes airport authorities in Alabama to participate in corporations, partnerships, and joint ventures as general or limited partners, shareholders, or members relating to airport operations and land acquisitions.

Permits airport authorities to create, establish, acquire, operate, or support for-profit and nonprofit subsidiaries and affiliates to fulfill their purposes.

Allows airport authorities to provide loans, capital contributions, debt and equity financing, and loan guarantees for business entities in which they hold membership or partnership interests.

Prohibits corporations, partnerships, or joint ventures established under this law from exercising the power of eminent domain.

Effective date: June 1, 2024.