SB242INTRODUCED
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SB242
MB561H1-1
By Senators Singleton, Chesteen, Allen, Albritton, Melson,
Stutts, Barfoot, Butler, Reed, Smitherman, Roberts, Sessions,
Elliott, Kitchens, Kelley, Coleman-Madison, Hovey, Livingston,
Price, Williams
RFD: Fiscal Responsibility and Economic Development
First Read: 21-Mar-24
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8 MB561H1-1 03/21/2024 PMG (L)tgw 2024-1250
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First Read: 21-Mar-24
SYNOPSIS:
This bill would authorize counties and
municipalities to authorize the incorporation of an
innovation district within the county or municipality
as a public corporation for the purpose of undertaking
activities or acquiring property by the district, and
using public revenues for the establishment, benefit,
or support of qualified enterprises, as designated by
the Department of Commerce, through public revenues.
This bill would provide procedures for the
creation and dissolution of an innovation district.
This bill would provide for the powers of an
innovation district, and provide for the powers of the
board of directors of an innovation district.
This bill would exempt districts from fees and
charges imposed by a judge of probate and from
taxation.
This bill would exempt districts from
competitive bid laws and from other specified state
oversight.
A BILL
TO BE ENTITLED
AN ACT
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AN ACT
Relating to economic development; to provide for the
establishment of public corporations known as districts to
support certain economic development activities using public
revenues; to provide for the creation and dissolution of
districts; to provide the powers of districts and the powers
and duties of the board of directors of districts; to exempt
districts from certain laws and requirements, including
taxation and competitive bid laws.
BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
Section 1. Definitions.
When used in this act, the following terms have the
following meanings unless the context clearly indicates
otherwise:
(1) APPLICANT. Each natural person who has executed and
filed a written application with the governing body of any
subdivision for the incorporation of an innovation district.
(2) AUTHORIZING RESOLUTION. A resolution adopted by a
governing body to authorize the incorporation of an innovation
district.
(3) AUTHORIZING SUBDIVISION. Any county or municipality
the governing body of which has adopted an authorizing
resolution.
(4) BOARD. The board of directors of an innovation
district.
(5) CORPORATE PERSON. Any corporation, partnership,
association, or organization which may be incorporated or
organized under any chapter of Title 10 of the Code of Alabama
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organized under any chapter of Title 10 of the Code of Alabama
1975, or under the laws of any state of the United States.
(6) DIRECTOR. A member of the board of directors of the
district.
(7) DISTRICT. A public corporation incorporated
pursuant to this act.
(8) ELIGIBLE TAX. Any tax levied within an innovation
district by an authorizing subdivision the proceeds of which
tax may be used by the authorizing subdivision for any lawful
purpose without violation of any contractual agreement, the
terms of the ballot by which the tax was voted, any state law
or provision of the state constitution, or any order or ruling
of any agency, branch, department, or instrumentality of the
state or the United States.
(9) FINANCIAL OBLIGATION. Any contractual obligation of
any person, whether direct, indirect, or contingent, to pay or
provide money to, or for the benefit of, any person or
persons, as evidenced by any agreement or instrument,
including, but not limited to, any bond, certificate, economic
incentive grant agreement, funding or guaranty agreement,
installment sale agreement, lease agreement, negotiable
instrument, note, or warrant.
(10) GOVERNING BODY. The elected group of natural
persons which is organized for the purposes of exercising the
legislative functions and powers of a public person.
(11) NATURAL PERSON. A natural person who is 21 years
of age or older.
(12) PERSON. Collectively, corporate persons, natural
persons, and public entities.
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persons, and public entities.
(13) PRINCIPAL OFFICE. The principal office of an
innovation district as stated in the certificate of
incorporation.
(14) PROJECT. Any activity undertaken, or property
acquired or provided in whole or in part, by an innovation
district for the establishment, benefit, or support of a
qualified enterprise.
(15) PROPERTY. Any tangible or intangible property and
interests therein, including all property characterized under
state law as real, personal, or mixed.
(16) PUBLIC CORPORATION. Any public corporation
organized under the laws of the state.
(17) PUBLIC ENTITY. Any county, municipality, public
corporation, or any political subdivision, or other
instrumentality, of the state.
(18) QUALIFIED ENTERPRISE. Any activity, business, or
trade that is:
a. Identified in the Alabama Department of Commerce's
most recent economic development plan; or
b. Determined by a board to conduct operations in
furtherance of the legislative purposes of this act.
(19) SPECIAL PUBLIC REVENUES. Any funds or revenues of
an authorizing subdivision, including, but not limited to, the
proceeds of any eligible tax, which funds, revenues, or tax
proceeds shall be assigned or pledged, in whole or in part, by
the authorizing subdivision for the benefit of an innovation
district as provided in the authorizing resolution of the
authorizing subdivision with respect to, and described in, the
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authorizing subdivision with respect to, and described in, the
certificate of incorporation of the district.
(20) SUBDIVISION. Any county or municipality.
Section 2. Legislative Findings and Intent.
(a) The Legislature finds and determines the public
good and welfare and the economy of the state are best served
by the exercise of the police power of the Legislature to
provide public resources for the development, growth,
improvement, and support of new and creative economic
opportunities for existing and future qualified enterprises to
establish and continue projects in this state for innovative
processes and products, specifically including those business
sectors expressly identified in Accelerate Alabama 2.0, the
economic development strategic plan developed by the
Department of Commerce.
(b) In furtherance of subsection (a) the legislative
intent and public purpose of this act is:
(1) To provide authority to municipalities and counties
for the creation of districts with corporate authority and
power to provide, in the discretion of the districts, public
resources, including, without limitation, special public
revenues, on a continuing basis to qualified enterprises for
the location, development, support, and continuation of
projects in the state; and
(2) To provide authority to public entities to provide
public resources to, or for the benefit of, districts.
Section 3. Incorporation and Organization of an
innovation district; Certificate of Incorporation.
(a) The governing body of any subdivision, or the
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(a) The governing body of any subdivision, or the
governing bodies of any two or more subdivisions, may
authorize the incorporation and organization of an innovation
district as a public corporation of the state, with powers set
forth in this act, for the purpose of establishing or
undertaking any project.
(b) In order to incorporate and organize an innovation
district, not less than three natural persons who are duly
qualified electors of a proposed authorizing subdivision shall
file a written application with the governing body of each
proposed authorizing subdivision. The application shall:
(1) State that the applicants propose to incorporate an
innovation district pursuant to this act;
(2) State the name of each subdivision with which the
application is filed;
(3) State that each of the applicants is a duly
qualified elector of a proposed subdivision;
(4) Attach the proposed certificate of incorporation of
the proposed district and state that the proposed certificate
of incorporation is attached to the application and made a
part thereof; and
(5) Request the governing body of each proposed
subdivision to adopt a resolution declaring that it is wise,
expedient, and necessary that the proposed district be formed,
that the proposed certificate of incorporation of the district
be approved, and that the applicants are authorized and
directed to proceed to form the proposed district by the
filing for record of a certificate of incorporation in
accordance with the provisions of this act.
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accordance with the provisions of this act.
(c) The certificate of incorporation of an innovation
district shall state all of the following:
(1) The names of the individuals forming the district,
and that each of them is a duly qualified elector of an
authorizing subdivision.
(2) The name of the district, which may be a name
indicating in a general way the area proposed to be included
within or served by the district and shall include the words
"___________ Innovation District," or "The Innovation District
of ____________," the blank spaces to be filled in with the
name of the authorizing subdivisions or other geographically
descriptive word or words, such descriptive word or words not,
however, to preclude the district from locating facilities or
otherwise exercising its powers in other geographical areas.
(3) That the district is organized pursuant to the
provisions of this act.
(4) The name of each authorizing subdivision together
with the date on which the governing body thereof adopted an
authorizing resolution.
(5) The period for the duration of the district, which
may be perpetual subject to the provisions of this act.
(6) The location of the principal office of the
district, which must be within the boundaries of an
authorizing subdivision.
(7) The number of members, which must be an odd number
not less than three, of the board of directors of the
district, with each director to hold a place on the board,
which may be designated by number in consecutive order, and
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which may be designated by number in consecutive order, and
for each such place the duration of the term of office, which
shall not be in excess of six years, for the director holding
such place, and, subject to the provisions of this act, the
person or persons, which may include any natural person, any
corporate person, any public entity, or the state, having the
authority and power of appointment of the director holding
such place; provided, however, a majority of the directors of
the district must be appointed by one or more of the
authorizing subdivisions. Additionally, the certificate of
incorporation may allow for the Alabama Innovation Corporation
to appoint a single, non-voting director who shall not count
towards the establishment of a quorum.
(8) The terms of any prohibition, limitation, or
condition with respect to the exercise of any authority or
power of the district.
(9) Any provision that provides for the vesting of
title to its property upon dissolution of the district which
must not be in violation of this act or other state law.
(10) That the district shall be a nonprofit corporation
and no part of its net earnings remaining after payment of its
expenses shall inure to the benefit of any individual, firm,
or corporation.
(11) Any other provision that:
a. Describes any special public revenues that have been
pledged or assigned to the district by an authorizing
subdivision in the authorizing resolution; and
b. May be required to be included in the certificate of
incorporation by an authorizing subdivision in the authorizing
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incorporation by an authorizing subdivision in the authorizing
resolution and which must not be in violation of this act or
any other state law.
(d)(1) The governing body of a subdivision with which
an application is filed pursuant to this act, as promptly as
practicable, shall review the application and the attached
form of certificate of incorporation and thereupon, at any
regular or special meeting called and held in accordance with
state law, either adopt a resolution denying the application
or adopt an authorizing resolution in which the governing body
declares that it is wise, expedient, and necessary that the
proposed district be formed, approve the form and content of
its certificate of incorporation, and authorize and direct the
applicants to proceed to form the proposed district by the
filing for record of the proposed certificate of incorporation
in accordance with this act.
(2) The governing body of each subdivision that has
adopted an authorizing resolution shall cause the resolution
to be made a part of the minutes and record of the meeting of
the governing body during which the authorizing resolution was
adopted.
(3) An authorizing resolution shall operate and be
construed only as historical and evidential. An authorizing
resolution shall not operate or be construed as of general and
permanent nature or operation, may be adopted at the same
meeting at which it is introduced, and shall be effective
immediately upon adoption without posting or publication by
any electronic, printed, or other means.
(e) As soon as practicable after the adoption of an
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(e) As soon as practicable after the adoption of an
authorizing resolution by each authorizing subdivision, the
applicants shall do all of the following:
(1) Execute and acknowledge the certificate of
incorporation as approved by each of the authorizing
subdivisions before an officer authorized by law to take
acknowledgments to deeds.
(2) Attach to the certificate of incorporation both of
the following:
a. A certified copy of each authorizing resolution.
b. A certificate by the Secretary of State stating that
the name proposed for the district is not identical to that of
any other corporation organized under state law or so nearly
similar as to lead to confusion and uncertainty.
(3) File the certificate of incorporation for record in
the office of the judge of probate of the county in which the
principal office of the district is to be located.
(f) Upon the filing for record of the certificate of
incorporation, the district shall come into existence and
shall constitute a public corporation under the name set forth
in the certificate of incorporation, whereupon the district
shall be vested with all authority, powers, and rights granted
by this act, and the judge of probate shall send a notice to
the Secretary of State that the certificate of incorporation
of the district has been filed for record.
(g) The certificate of incorporation of any district
may be amended in the following manner:
(1) The board shall first adopt a resolution proposing
an amendment to the certificate of incorporation which must be
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an amendment to the certificate of incorporation which must be
set forth in full in the resolution. The amendment may include
any matters that may have been included in the original
certificate of incorporation.
(2) After the adoption by the board of a resolution
proposing an amendment to the certificate of incorporation of
the district, the chair of the board and the secretary of the
district shall sign and file a written application in the name
of and on behalf of the district with the governing body of
each authorizing subdivision, requesting the governing body to
adopt a resolution approving the proposed amendment, and
accompanied by a certified copy of the resolution adopted by
the board proposing the amendment to the certificate of
incorporation, together with documents in support of the
application as the chair considers appropriate.
(3) As promptly as practicable after the filing of the
application with the authorizing subdivision, the governing
body shall review the application and shall either adopt a
resolution denying the application or adopt a resolution
authorizing the proposed amendment. The governing body of each
subdivision that has adopted a resolution approving the
amendment shall cause the resolution to be made a part of the
minutes and record of the meeting of the governing body during
which the resolution was adopted. A resolution approving an
amendment shall operate and be construed only as historical
and evidential. An authorizing resolution shall not operate or
be construed as of general and permanent nature or operation,
may be adopted at the same meeting at which it is introduced,
and shall be effective immediately without posting or
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and shall be effective immediately without posting or
publication by any electronic, printed, or other means.
(4) As soon as practicable after the adoption of a
resolution approving the amendment by each authorizing
subdivision, the chair of the board of the district and the
secretary of the district shall sign and file for record in
the office of the judge of probate with which the certificate
of incorporation of the district was originally filed a
certificate in the name of and on behalf of the district
reciting the adoption of the respective resolutions by the
board and by the governing body of each authorizing
subdivision, setting forth the proposed amendment. The judge
of probate for the county shall thereupon record the
certificate in an appropriate book in his or her office. When
the certificate has been so filed and recorded, the amendment
shall become effective and the certificate of incorporation
shall thereupon be amended to the extent provided in the
amendment. No certificate of incorporation of an innovation
district shall be amended except in the manner provided in
this section.
Section 4. Board of Directors of District.
(a) Each district shall be governed by a board of
directors that shall exercise, or authorize the exercise of,
all powers of the district.
(b) The board of each district shall consist of the
number of directors provided in the certificate of
incorporation.
(c) Any natural person may serve on the board of an
innovation district without regard to whether the natural
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innovation district without regard to whether the natural
person is a resident, owner of property, taxpayer, or elector
in or of any authorizing subdivision or the state; provided,
however, board membership shall be inclusive and reflect the
racial, gender, geographic, and economic diversity of the
district.
(d) Each director of the district shall hold a place on
the board and shall be appointed for the term of the place by
the person or persons, which may include the board, any
natural person, any corporate person, any public entity, or
the state, having the authority and power of appointment of
the director for the place, as provided in the certificate of
incorporation of the district; provided, however, anything in
this act to the contrary notwithstanding, a majority of the
directors of the district must be appointed by one or more of
the authorizing subdivisions. Except as may be otherwise
provided in the certificate of incorporation of an innovation
district, an officer or employee of any authorizing
subdivision shall be eligible for appointment and may serve as
a member of the board for the first to expire of the term for
which the officer is appointed or the term thereof as an
officer of the authorizing subdivision.
(e) Each director may hold a place on the board for
successive terms without limit. If at the expiration of any
term of office of any director a successor has not been
appointed, the director whose term of office expired shall
continue to hold office until the successor is appointed by
the person or persons having the appointive power for the
place of that director. If at any time there is a vacancy on
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place of that director. If at any time there is a vacancy on
the board, whether by death, resignation, incapacity,
disqualification, or otherwise, a successor director to serve
for the unexpired term applicable to the vacancy shall be
elected or appointed by the person or persons who appointed
the predecessor director.
(f) Each director shall serve as such without
compensation but shall be reimbursed for expenses actually
incurred by the director while conducting his or her official
duties.
(g) The board may hold regular and special meetings as
the board determines or as provided in the bylaws of the
board. Any member of the board, any provision of law to the
contrary notwithstanding, may attend and participate in, and
constitute part of the quorum for, any regular or special
meeting of the board in person or by means of telephone
conference, video conference, or similar communications
equipment that allows all participants in the meeting to hear
each other at the same time; provided, every meeting shall
have one physical location available in an authorizing
subdivision for individuals wishing to be physically present,
and any vote taken at a meeting using the foregoing
communication equipment shall be taken by roll call vote that
allows each participant to vote individually in a manner
audible to all participants. The board may take any action at
any regular or special meeting. A majority of the directors
present, in person or by electronic or telephonic
communications, at a meeting shall constitute a quorum for the
exercise of any authority or power of the board. Any meeting
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exercise of any authority or power of the board. Any meeting
of the board may be adjourned from time to time by a majority
of the directors present or may be so adjourned by a single
director if the director is the only director present at the
meeting. No vacancy in the membership of the board or the
voluntary disqualification or abstention of any member of the
board shall impair the right of a quorum to exercise all the
powers and perform all the duties of the board at a regular or
special meeting. The secretary of the district shall reduce to
writing and maintain in a permanent record all proceedings and
resolutions of the board. Copies of the proceedings, when
certified by the secretary of the district, shall be received
in all courts as prima facie evidence of the matters and
things therein certified.
(h) The determinations set forth in a resolution of the
board, including the determination that an activity, facility,
or undertaking, or application of funds or tax proceeds,
including any special public revenues, under control of the
board constitutes a "project" or are otherwise in furtherance
of the purposes of this chapter, shall constitute a
legislative act by the board under state law to the same
extent as would similar action by a subdivision and shall be
subject to judicial review as provided and limited by law for
judicial review of legislative acts and determinations by a
subdivision.
(i) If a matter comes before the board with respect to
which any director, any related party, including a sibling,
spouse, or lineal descendant, or any business enterprise with
which the director is associated, has any direct or indirect
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which the director is associated, has any direct or indirect
pecuniary interest, the director shall immediately disclose
the interest to the board and remove himself or herself and
withdraw from the meeting prior to the consideration,
deliberation, and voting on the matter by the board.
(j) The district and the directors, officers,
employees, and agents of the district shall have the same
immunity from liability as a municipality and its officers,
employees, and agents. No action or suit shall be brought or
maintained against the district or any director thereof for or
on account of the negligence of the district or director or
the district's or director's agents, servants, or employees,
relating to the construction, acquisition, installation,
maintenance, operation, superintendence, or management of any
project or facility of the district. No civil action may be
maintained against an appointing subdivision, its officers,
servants, employees, or agents relating to an innovation
district's acquisition, construction, ownership, maintenance,
operation, or management of any project, facility, or other
improvement.
(k) Any director may be removed from office in the same
manner and on the same grounds provided in the state
constitution and the general laws of the state for impeachment
and removal of officers.
Section 5. Officers of District.
The officers of an innovation district shall consist of
a chair, a vice chair, a secretary, a treasurer, and such
other officers as its board deems necessary or desirable. The
offices of secretary and treasurer may be held by the same
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offices of secretary and treasurer may be held by the same
individual. The chair and vice chair of an innovation district
shall be elected by the board from the board membership. The
secretary, the treasurer, and any other officers of the
district may but need not be members of the board and shall
also be elected by the board. The chair, vice chair, and
secretary of the district shall also be the chair, vice chair,
and secretary of the board, respectively.
Section 6. Powers of District.
Each district shall have all of the following stated
powers together with all powers incidental to these powers and
necessary to effect the proper exercise of the district:
(1) To have succession in its corporate name for the
duration of the district specified in the certificate of
incorporation.
(2) To sue and be sued in its own name in civil suits
and actions and to defend suit against the district.
(3) To adopt and make use of a corporate seal and to
alter the seal as necessary.
(4) To adopt, alter, and repeal bylaws, regulations,
and rules, not inconsistent with the provisions of this act,
for the regulation and conduct of its affairs and business.
(5) Notwithstanding Chapter 1B of Title 18 of the Code
of Alabama 1975, to acquire real property, whether by gift,
purchase, transfer, foreclosure, lease, devise, exercise of
the power of eminent domain in the manner provided by law,
including, Chapter 1A of Title 18 of the Code of Alabama 1975,
or otherwise, and to construct, improve, operate, maintain,
equip, and furnish the property and interests in property as
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equip, and furnish the property and interests in property as
the board determines to be necessary for the purposes of the
district, which property may be located in any subdivision in
the state without regard to whether the subdivision is an
authorizing subdivision with respect to the district;
provided, however, the district shall not be authorized to
condemn any property or interests in property held by
utilities or other entities engaged in the generation,
transmission, or distribution of communications, gas,
electricity, water, sewer, or other utility products or
services.
(6) To lease all or any part of any property upon such
terms and conditions as its board determines necessary or
desirable.
(7) To convey any property of the district with or
without valuable consideration as the board shall determine.
(8) To enter into a management contract or contracts
with any person or persons of all or any part of its property
as may in the judgment of such district be necessary or
desirable in order to perform more efficiently or economically
any function for which the district may become responsible in
the exercise of the powers conferred upon it by this act.
(9) To procure insurance against any loss in connection
with its property and other assets in such amounts and from
such insurers as its board determines to be necessary or
desirable.
(10) To fix and revise, and charge and collect, fees,
licenses, rates, and rentals for services rendered by the
district, or for the use of any property of the district, and
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district, or for the use of any property of the district, and
to apply the proceeds thereof for any lawful purpose of the
district.
(11) To the extent authorized or permitted by the state
constitution, to grant, lend, or donate, or otherwise make
available to any person or persons any funds, money, revenues,
including, but not limited to, any special public revenues, or
other property of the district upon such terms as the board
shall determine.
(12) To the extent authorized or permitted by the state
constitution, to assume, incur, or issue any financial
obligation or financial obligations for any lawful purpose, as
more particularly provided in this act.
(13) To pledge for the benefit of any financial
obligation of the district any revenues, including, but not
limited to, any special public revenues or proceeds of any
special tax to which it may be entitled, from which the
financial obligation is payable, and to mortgage or pledge its
property and revenues, or any portion thereof, as further
provided in this act.
(14) To assume obligations secured by a lien on, or
secured by and payable out of or secured by a pledge of, any
property or part thereof or the revenues derived from any
property that may be acquired by the district.
(15) To make, enter into, and execute contracts,
agreements, leases, and other instruments, and to take such
other actions as may be necessary or convenient to accomplish
any purpose for which the district was organized or to
exercise any power granted under this act.
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exercise any power granted under this act.
(16) To enter into contracts with, to accept aid,
loans, and grants from, to cooperate with, and to take any
action not specifically prohibited by this act or other
applicable laws of the state that may be necessary in order to
obtain or secure the aid and cooperation of the United States,
the state, or any agency, department, instrumentality, or
political subdivision of either in furtherance of the purposes
of this act.
(17) To apply for, accept, receive, apply, disburse,
expend, and use to accomplish the purposes of this chapter any
money, property, labor, or other things of value, from any
source, including, without limitation, the state, any public
entity, and the United States, subject to any lawful condition
upon which the aid or contributions may be given or made.
(18) To abate, eliminate, or reduce the liability of
any taxpayer for the payment of any one or more of the
eligible taxes pursuant to such agreements, instruments, or
proceedings as the district determines shall be effective.
(19) To appoint, employ, contract with, and provide for
compensation of the employees and agents of the district
including, but not limited to, architects, engineers,
attorneys, accountants, investment advisors and financial
experts, fiscal agents, and such other advisors, consultants,
and agents as the board determines to be necessary or
desirable.
(20) To invest its monies, including, but not limited
to, the monies held in any special fund created pursuant to
any trust indenture or agreement or resolution securing any of
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any trust indenture or agreement or resolution securing any of
its financial obligations and proceeds from the sale of any
financial obligations not required for immediate use, in such
investments as are authorized by the laws of the state for the
investment of funds and money of a municipality.
(21) To acquire, create, establish, operate, or
support, or to participate as a member of, any corporate
person that will assist the district in, or which otherwise
has as a purpose of accomplishing the purposes of this act,
including, but not limited to, the support of any corporate
person by means of grants or loans of property or the issuance
of financial obligations for the benefit the corporate person.
(22) To exercise any authority or power that is granted
by state law to any public or private corporation which is not
in conflict with the purposes of this act.
(23) To do any and all things necessary or convenient
to carry out its purposes and to exercise its powers pursuant
to this act.
Section 7. Contributions and Application of Special
Public Revenues.
(a) Each authorizing subdivision of an innovation
district, anything in this act or state law to the contrary
notwithstanding, and to the extent permitted by the state
constitution, may pledge or assign any special public revenues
for the benefit of any district with respect to which it is an
authorizing subdivision by specific provision in the
authorizing resolution of the authorizing subdivision for the
district, which provision shall specify the officer of the
subdivision charged with performance of a pledge or assignment
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subdivision charged with performance of a pledge or assignment
and the liquidated amounts in which, and dates on which, the
special public revenues shall be delivered to the district in
performance of the pledge or assignment. The inclusion of a
description of the pledge or assignment of the special public
revenues in the certificate of incorporation of the district,
upon the incorporation of the district, shall constitute
acceptance of, and reliance by the district upon, the
continuing validity of the pledge or assignment of the special
public revenues. The pledge or assignment of the special
public revenues by the authorizing subdivision for the benefit
of the district shall constitute a contractual agreement
between the authorizing subdivision and the district and shall
be enforceable by the district by all remedies available at
law or in equity, including, but not limited to, an action for
mandamus in a court of competent jurisdiction.
(b) An innovation district may use the proceeds of any
special public revenues made available to the district,
subject to the terms and conditions upon the special public
revenues, for any lawful purpose the board of the district
determines to be in furtherance of the purposes of this act,
including, but not limited to, the gift, grant, guarantee,
loan, or other form of contribution of all or any part of the
special public revenues for the benefit of any person or
persons, and the pledge of all or any part of the special
public revenues for the benefit of any financial obligation or
financial obligations of the district.
Section 8. Financial Obligations of an Innovation
District.
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District.
(a) Each district shall have, and may exercise as
provided in Section 6(12), the authority and power to assume,
incur, or issue, at any time and from time to time, any
financial obligation or financial obligations, without
limitation as to aggregate principal amount, as the board
determines to be necessary or desirable for any lawful purpose
of the district, including, but limited to:
(1) Payment of the costs of a project;
(2) Payment, in whole or in part, in advance or at
stated maturity, of any financial obligation of the district;
(3) Provision for such reserves as may be required in
connection with the financial obligations;
(4) Payment of any extraordinary, nonrecurring
obligations, including, but not limited to, casualty losses,
legal judgments, and contractual termination payments;
(5) Payment of administration and operation of
projects; and
(6) Provision of funds to accomplish or effect any
purpose of this act.
(b) Each financial obligation of an innovation district
may be in such form and denomination and of such tenor and
maturity or maturities, shall be payable in lawful currency of
the United States in such installments as serial or term
obligations or a combination thereof, and at such time or
times, not exceeding 45 years from the date thereof, may be
payable at such place or places whether within or without the
state, may bear interest at such rate or rates payable at such
time or times and at such place or places and evidenced in
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time or times and at such place or places and evidenced in
such manner, may be subject to prepayment or redemption in
advance of maturity at such price or prices and upon such
notice, terms, and conditions, and may contain such provisions
which are not in violation of this act, all as provided in the
applicable agreement, indenture, or resolution of the district
that has authorized the incurrence or issuance thereof.
(c) An innovation district may provide that any
financial obligation shall bear interest at a rate or rates
fixed to maturity at the time of issuance or at a rate or
rates which may be changed from time to time during the term
of the financial obligation in accordance with an objective
procedure determined by the board at the time of issuance of
the financial obligation or in connection with published
interest rates or indices that reflect an objective response
to market changes in interest rates by financial institutions,
governmental agencies, or other generally recognized public or
private sources of information concerning interest rates.
(d) An innovation district shall have the authority and
power to deliver and perform all agreements and contracts for
the services of paying agents and trustees with respect to
financial obligations incurred or issued under this act, for
the purchase of any financial obligations issued under this
act, and for the guarantee or insurance, pursuant to municipal
bond insurance policies, letters of credit, standby purchase
agreements, and other credit or liquidity facilities, of the
payment, when due, of the principal of, and premium and
interest on, any financial obligations so assumed, incurred,
or issued by the district pursuant to this act.
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or issued by the district pursuant to this act.
(e) An innovation district shall cause all financial
obligations assumed, incurred, or issued by the district to be
executed by manual or electronic signature of an officer or
officers as authorized and provided in the agreement,
indenture, or resolution of the district which authorized the
financial obligation. A statement upon the signature page of a
financial obligation of an innovation district that the
financial obligation was issued under the seal of the district
shall be conclusive for all purposes of state law. A financial
obligation that has been executed by an officer or officers in
office on the date of the execution shall be valid and
enforceable, notwithstanding that before delivery of the
financial obligation, any such officer whose signature appears
thereon has ceased to hold such office.
(f) All financial obligations incurred or issued
pursuant to this act by an innovation district may be sold at
private or public sale at such price or prices and in such
manner as the board shall determine.
(g) Each financial obligation of an innovation district
is hereby made a negotiable instrument for all purposes;
anything in state law, including, but not limited to, the
Alabama Uniform Commercial Code, to the contrary
notwithstanding and without regard to whether the financial
obligation is of such form and character as to be a negotiable
instrument under state law; provided, however, the district,
in its discretion, may provide that any particular financial
obligation shall not be negotiable or may be negotiable only
upon such terms as the district shall proscribe.
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upon such terms as the district shall proscribe.
(h)(1) The district shall apply the proceeds of any
financial obligation solely for the purposes for which the
financial obligation has been incurred or issued, including,
but not limited to, payment of the costs of incurrence or
issuance of the financial obligations, including, but not
limited to: (i) fees and expenses of attorneys, accountants,
financial advisors, consultants, trustees and paying agents,
and underwriters; and (ii) the costs of municipal bond
insurance policies, letters of credit, and such other credit
or liquidity facilities which provide for payment when due of
all or part of the principal of, and premium and interest on,
the financial obligations.
(2) The district may deposit in trust the proceeds of
any financial obligation incurred or issued for payment of
another financial obligation of the district, on such terms as
the board approves, with a financial institution having trust
powers within or without the state. The proceeds, to the
extent required by the terms of and purpose of such trust, may
be invested as provided for public funds of a municipality.
(i) The financial obligations of any district shall be
legal investments in which the state and its agencies and
instrumentalities, all subdivisions and public corporations
organized under the laws of the state, all insurance companies
and associations and other persons carrying on an insurance
business, all banks, savings banks, savings and loan
associations, trust companies, credit unions, and investment
companies of any kind, all administrators, guardians,
executors, trustees, and other fiduciaries, and all other
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executors, trustees, and other fiduciaries, and all other
persons whosoever are now or may hereafter be authorized to
invest in financial obligations or other obligations of the
state, may properly and legally invest funds in their control
or belonging to them.
(j) The validity of any financial obligation that
states therein that it is issued pursuant to this act, in any
action or proceeding involving the validity thereof, shall be
incontestable, and the financial obligation shall be
conclusively deemed to be the valid financial obligation of
the applicable district enforceable by all rights and remedies
available at law or in equity under state law.
Section 9. Sources of Payment of, and Security for,
Financial Obligations of an Innovation District.
(a) Each financial obligation or obligations of an
innovation district shall be a limited obligation of the
district payable solely from the sources of payment specified
therein, subject to such limitations and provisions thereof,
including, but not limited to, the issuance of financial
obligations payable from the same source of funds on an equal
and proportionate basis or on a subordinate basis, as the
district may determine.
(b) The district may assign, mortgage, or pledge any
property of the district to secure the payment and performance
of any financial obligation of the district; provided, the
district, in its discretion, may provide property as security
for any one or more financial obligations of the district
without, to the extent permitted by any applicable contractual
agreements, provision of the same or any other any property as
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agreements, provision of the same or any other any property as
security for any other financial obligation or obligations of
the district. In furtherance of this subsection, the district
may deliver a contractual agreement to, or for the benefit of,
the owner or owners of any financial obligation of the
district, which agreement may contain such agreements,
conditions, covenants, provisions, and terms as the district
may determine to be necessary or desirable to provide for the
protection and security of the owners of the financial
obligations, including, but not limited to, restrictions on
the use of the property of the district and the incurrence of
additional financial obligations of the district, the terms
for amendment, with and without the consent of the owner or
owners, of the financial obligations and the documents
pursuant to which such financial obligations were incurred or
issued, providing for the rights, duties, and authority of a
trustee, and providing for the exercise of legal and equitable
rights and remedies by such owner or owners.
(c) Any assignment, mortgage, or pledge of property by
the district for the benefit of any financial obligation shall
be effective, valid, and binding from the time the assignment,
mortgage, or pledge is made, and the property subject thereto
shall immediately, or as soon thereafter as the district
obtains any right thereto or interest therein, be subject to
the assignment, mortgage, or pledge without physical delivery
of the subject property or any agreement, document, or
instrument providing therefor, or any further act, and the
encumbrance and lien of any such assignment, mortgage, or
pledge shall be effective, valid, and binding as against all
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pledge shall be effective, valid, and binding as against all
persons having claims of any kind in tort, contract, or
otherwise against the district, irrespective of whether such
persons have actual notice thereof, from the time notice of
the assignment, mortgage, or pledge is filed for record: (i)
in the office of the judge of probate in which the certificate
of incorporation of the district was filed for record; and
(ii) in the case of any assignment, mortgage, or pledge of any
tangible property, whether real, personal, or mixed, in the
office of the judge of probate of the county in which the
property is or is to be located pursuant to any agreement made
by the district with any person respecting the location and
use of the property. The notice shall contain a statement of
the existence of any such assignment, mortgage, or pledge, a
description of the subject property, and a description of the
financial obligations secured thereby, all in terms sufficient
to give notice to a reasonably prudent person of the existence
and effect of any such assignment, mortgage, or pledge;
provided, the notice may be in form of: (i) a summary
statement; or (ii) an executed counterpart of the agreement,
document, or instrument which contains the assignment,
mortgage, or pledge. The recording of the notice shall operate
as constructive notice of the contents thereof.
(d) All financial obligations assumed, incurred, or
issued by an innovation district shall be solely and
exclusively an obligation of the district and shall not create
a direct, indirect, or contingent obligation or pecuniary
liability, or general obligation, or charge against the
general assets, credit, funds, property, revenues, or taxing
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general assets, credit, funds, property, revenues, or taxing
power of the state or any subdivision, including, but not
limited to, any authorizing subdivision.
(e) The owner or owners of any financial obligation or
financial obligations of the district shall have no recourse
against any incorporator, or any past, present, or future
director, officer, employee, or agent of the district, or of
any successor thereof, for the payment of any amount which
shall have become due and payable under the financial
obligation or financial obligations or for the payment or
performance of any agreement, document, or instrument pursuant
to which the financial obligation or financial obligations
were assumed, incurred, or issued by which the financial
obligation or financial obligations shall be secured.
Section 10. Validation of Financial Obligations of an
Innovation District.
(a) An innovation district shall constitute a "unit"
for purposes of Article 17 of Chapter 6 of Title 6 of the Code
of Alabama 1975. An innovation district, in the determination
of the board, may file a petition with respect to any
financial obligation or financial obligations thereof pursuant
to Article 17 of Chapter 6 of Title 6 of the Code of Alabama
1975.
(b)(1) An innovation district, in the determination of
the board and upon the adoption by the board of a resolution
providing for the issuance of financial obligations, may cause
a notice respecting the issuance of the financial obligations
to be published once a week for two consecutive weeks in each
county in which shall be located any project financed or in
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county in which shall be located any project financed or in
any way assisted by the issuance of the financial obligations.
The publication in each such county shall be in a newspaper
having general circulation therein and shall be in
substantially the following form (the blanks being properly
filled in) at the end of which shall be printed the name and
title of either the chair or secretary of the district:
"____________________________, a public corporation and
instrumentality of the State of Alabama, on the _______ day of
________________, authorized the issuance of $______ principal
amount of __________________ (identification of the
obligation) of the said public corporation for purposes
authorized in the act of the Legislature of Alabama under
which the public corporation was organized. Any action or
proceeding questioning or contesting the validity of the said
financial obligations, or the instruments securing the same,
or the proceedings authorizing the same, must be commenced on
or before _________________ (here insert date determined in
accordance with the provisions of the next paragraph of this
section."
(2) The date stated in the notice as the date on or
before which any action or proceeding questioning or
contesting the validity of the financial obligations referred
to in the notice must be commenced shall be a date at least 30
days after the date on which occurs the last publication of
the notice necessary for it to have been published at least
once in all counties in which it is required to be published.
Any action or proceeding in any court to set aside or question
the proceedings for the issuance of the financial obligations
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the proceedings for the issuance of the financial obligations
referred to in the notice or to contest the validity of any
such financial obligations, or the validity of any instruments
securing the same, must be commenced on or before the date
determined in accordance with the preceding sentence and
stated in the notice as the date on or before which any such
action or proceeding must be commenced. After that date, no
right of action or defense shall be asserted questioning or
contesting the validity of the financial obligation or the
instruments securing the same, or the proceedings authorizing
the same, nor shall the validity of such financial obligations
or such instruments or proceedings be open to question in any
court on any ground whatsoever, except in an action or
proceeding commenced on or before that date.
Section 11. Special Authority of Public Persons to
Support Districts.
(a) In furtherance of the public purposes of this
chapter, the state and any public entity, upon such terms and
with or without consideration as it may determine and in
compliance with the state constitution, may undertake any of
the following for the benefit of any district, without regard
to whether any public entity may be an authorizing subdivision
with respect to the district or may have a project located or
undertaken within the jurisdiction thereof:
(1) Donate, grant, loan, or pledge to, or for the
benefit of, any district any funds, revenues, or tax proceeds
of the public entity;
(2) Perform services for the benefit of any district;
(3) Pay, commit to pay, or guarantee, on a continuing
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(3) Pay, commit to pay, or guarantee, on a continuing
basis by contractual agreement, the payment when due of all or
any part of the principal of, and premium and interest on, any
financial obligation of an innovation district for such
period, including the period ending on the stated maturity of
the financial obligation, as the public entity may determine;
(4) Donate, sell, convey, transfer, lease, or grant any
property to any district without the necessity of
authorization at any election of qualified voters of the
public entity;
(5) Do any and all things, whether or not specifically
authorized in this act, not otherwise prohibited by law, that
are necessary or desirable to aid and cooperate with any
district with respect to any project or in furtherance of the
public purposes of this act.
(b) The state and each public entity may assume, incur,
or issue, by private or public sale in compliance with
applicable state law and the state constitution, any financial
obligation, as a general, limited, or special obligation
thereof, to provide funds for any purpose of this section.
(c) The state and each public entity shall cause each
contractual agreement or instrument delivered for any purpose
in subsection (a) to provide for, or set forth, in the
agreement or instrument: (i) the purpose of the agreement; and
(ii) the authorization and direction of a specific officer or
officers, by title or office, of the public entity to pay any
pecuniary obligation of the public entity in lawful currency
of the United States and in liquidated amounts when due on a
date or dates certain, which amounts and dates of payment may
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date or dates certain, which amounts and dates of payment may
be set forth in the agreement or instrument, or schedule
thereto, or incorporated therein by specific reference.
(d) With specific regard to the state, the Governor or
his or her designee shall have the express authority to enter
into any contractual agreement or instrument, exercising the
state's authority hereunder.
(e) Any court in the state having competent
jurisdiction shall issue mandamus for the payment of any
pecuniary obligation of the state or a public entity in a
contractual agreement or instrument delivered pursuant to this
section upon proper proof of nonpayment thereof, or failure of
compliance with the provisions of law with respect thereto,
being furnished by, or on behalf of, the district or any
beneficiary of the pecuniary obligation of the state or the
public entity under the contractual agreement or instrument.
Section 12. Audited Financial Statements.
(a) An innovation district shall be required to produce
audited financial statements from a certified public
accountant, or a firm thereof, regularly engaged in the
auditing of financial records, or an auditor who is regularly
employed by the Department of Examiners of Public Accounts,
for each fiscal year and, when available, deliver the audited
financial statements to each public entity that financially
supports the district, if the district: (i) receives any
special public revenues; (ii) receives any funds, proceeds, or
revenues from any public entity; or (iii) issues any financial
obligation.
(b) For purposes of this section, the person conducting
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(b) For purposes of this section, the person conducting
an audit pursuant to subsection (a) must be a person who: (i)
is in fact independent; (ii) does not have any direct
financial interest or any material indirect financial interest
in the district; and (iii) is not connected with the district
or any officer, employee, promoter, underwriter, trustee,
partner, director, or person performing similar functions.
Section 13. Exemption of District from Taxation.
Each district, and the projects thereof, shall be
exempt from all fees, charges, and taxes levied by any judge
of probate or taxing authority of the state, including, but
not limited to, ad valorem taxes, privilege, license, and
excise taxes, occupational taxes, business license taxes, and
recording fees and taxes. The property and income of any
district, all financial obligations of an innovation district,
the income and interest from the financial obligations,
conveyances by or to an innovation district, and leases,
mortgages, and deeds of trust or trust indentures by or to an
innovation district, shall be exempt from all taxation in the
state.
Section 14. Exemption of District from Usury and
Interest Laws.
Each district and the contractual agreements and
financial obligations of the district shall be exempt from
state laws governing usury or prescribing or limiting interest
rates, including, but not limited to, Chapter 8 of Title 8 of
the Code of Alabama 1975.
Section 15. Exemption of District from Competitive Bid
Laws.
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Laws.
Each district and all contractual agreements made by
the district shall be exempt from state laws requiring
competitive bids for any contract to be entered into by any
public entity, including, but not limited to, Chapter 2 of
Title 39 and Article 3 of Chapter 16 of Title 41, of the Code
of Alabama 1975.
Section 16. Exemption of District from State Oversight.
Except as provided in this act, an innovation district
shall not be required to obtain the approval or consent of, or
make any filing with, or provide notice to the state or any
state agency, department, or other instrumentality of the
state, with respect to the incorporation or the amendment of
the certificate of incorporation of the district, or the
exercise of any authority or power provided in this act or
permitted under state law.
Section 17. Applicability of Certain State Laws.
(a) An innovation district shall be subject to Chapter
25 of Title 36 of the Code of Alabama 1975, but board members
shall not be required to file a statement of economic
interests under Section 36-25-14 of the Code of Alabama 1975,
or any successor to that law.
(b) Except as otherwise provided in this act, an
innovation district shall be subject to the Alabama Open
Meetings Act, Chapter 25A of Title 36 of the Code of Alabama
1975.
Section 18. District shall be Nonprofit Corporation.
An innovation district shall be a nonprofit
corporation, and no part of an innovation district's net
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corporation, and no part of an innovation district's net
earnings remaining after payment of its expenses shall inure
to the benefit of any individual, firm, or corporation, except
that in the event a board shall determine that sufficient
provision has been made for the full payment of the expenses,
financial obligations, and other obligations of an innovation
district, then any portion, as determined by the board, of the
net earnings of an innovation district thereafter accruing, in
the discretion of the board, may be paid to one or more of the
district's authorizing subdivisions.
Section 19. Dissolution of District; Vesting of Title
to Property of District.
At any time when an innovation district has no
financial obligations or other executory agreements
outstanding, its board may adopt a resolution, which shall be
duly entered upon its minutes, declaring that the district
shall be dissolved. Upon filing for record of a certified copy
of the resolution in the office of the judge of probate with
which the district's certificate of incorporation is filed,
the district shall thereupon stand dissolved, and in the event
the district owned any property at the time of the
dissolution, the title to all its properties, subject to the
state constitution, thereupon shall vest in the district's
authorizing subdivision, or if the district has more than one
authorizing subdivision, in the district's authorizing
subdivisions as tenants in common.
Section 20. Incorporation of Multiple Districts by Same
Authorizing Subdivision.
The existence of an innovation district incorporated
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The existence of an innovation district incorporated
under this act shall not prevent the subsequent incorporation
under this act of another district pursuant to authority
granted by the same authorizing subdivision.
Section 21. Cumulative Effect of Chapter.
The provisions of this chapter are cumulative and shall
not be deemed to repeal existing laws; provided, however, the
provisions of this act shall supersede any other laws to the
extent the laws are clearly inconsistent with the provisions
of this act.
Section 22. This act shall become effective on June 1,
2024.
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