AL HB610

Proposes amendment to Section 247 of the Alabama Constitution of 2022 to authorize the Legislature to establish an Alabama State Public Bank.

State public bank would serve as a financial conduit to receive deposits from state and local governmental entities, issue and make loans to those entities, and issue bonds.

Bank would have full powers to borrow money, issue bonds and notes, and make capital funds available to state and local governmental entities.

Legislature must create a state public bank commission or designate a state agency to act as the primary governing authority and oversee and operate the bank.

Amendment requires voter approval by majority of qualified electors voting on the proposed constitutional change.