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AL SB208
Bill
Status
Introduced
1/27/2026
Primary Sponsor
Shay Shelnutt
Click for details
AI Summary
- Removes the requirement for rural electrification authorities and electric membership corporations to obtain Department of Finance approval before issuing bonds or other evidences of indebtedness
- Power districts and improvement authorities would still need Department of Finance consent, including written approval from the Director of Finance, before issuing bonds
- Consent process for remaining entities still requires a public hearing and a petition filed at least five days in advance specifying the plan, proposed use of proceeds, and project details
- Amends Section 41-4-16, Code of Alabama 1975
- Effective date: October 1, 2026
Legislative Description
State rural electrification authorities and electric membership corporations; removes requirement for Department of Finance approval for issuance of bonds
State Government
Last Action
Read for the Second Time and placed on the Calendar
2/5/2026
Committee Referrals
Banking and Insurance1/27/2026
Full Bill Text
No bill text available