SB217 Summary

• Amends Alabama Code Sections 11-8A-3 and 11-8A-4 to require bond financing agreement documents include a complete schedule of all county debt obligations covering the maturity period of the debt being issued.

• Requires the county commission chair and bond underwriter's authorized signatory to sign an acknowledgment that total debt obligations and payment schedules have been presented and explained to all county commission members before bond sale.

• Adds a new statement to the county government bond financing review form acknowledging receipt of a potential debt service schedule for all county debt and confirmation that the county can pay all debt obligations.

• Extends the same bond financing procedures and review form requirements to municipalities, requiring Department of Examiners of Public Accounts to prepare the form and both counties and municipalities to submit completed forms within 10 business days of bond issuance.

• Exempts utility system financing (gas, electric, water, sewer) from these requirements if payable from utility revenues; becomes effective October 1, 2024.