Alabama 2025 Regular Session

Alabama House Bill HB181 Compare Versions

Only one version of the bill is available at this time.

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1	1	HB181INTRODUCED
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3	3	HB181
4	4	5FWX6M3-1
5	5	By Representatives Underwood, Reynolds
6	6	RFD: Ways and Means General Fund
7	7	First Read: 05-Feb-25
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12	12	5 5FWX6M3-1 02/03/2025 EBO-DHC EBO JT EBO-2025-2
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14	14	First Read: 05-Feb-25
15	15	SYNOPSIS:
16	16	This bill would amend those provisions of Act
17	17	No. 90-602 enacted at the 1990 Regular Session of the
18	18	Legislature of Alabama, codified as Sections 41-10-458
19	19	and 41-10-461, Code of Alabama 1975, to allow the
20	20	Alabama Building Renovation Finance Authority to issue
21	21	bonds in an amount not to exceed $50 million for
22	22	authorized projects allowed under Section 41-10-456,
23	23	Code of Alabama 1975, and clarify certain provisions
24	24	related to the sale of bonds by the Authority.
25	25	A BILL
26	26	TO BE ENTITLED
27	27	AN ACT
28	28	To amend those provisions of Act No. 90-602 enacted at
29	29	the 1990 Regular Session of the Legislature of Alabama,
30	30	codified as Sections 41-10-458 and 41-10-461, Code of Alabama
31	31	1975, to allow the Alabama Building Renovation Finance
32	32	Authority to issue bonds in an amount not to exceed $50
33	33	million for authorized projects allowed under Section
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58	58	25 HB181 INTRODUCED
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60	60	million for authorized projects allowed under Section
61	61	41-10-456, Code of Alabama 1975, and to clarify certain
62	62	provisions related to the sale of bonds by the Authority.
63	63	BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
64	64	Section 1. Definitions. The following terms, whenever
65	65	used in this act, shall have the following respective meanings
66	66	unless the context clearly indicates otherwise:
67	67	(1) "Authority" means Alabama Building Renovation
68	68	Finance Authority established pursuant to the 1990 Act.
69	69	(2) "Bonds" (except where that word is used with
70	70	reference to bonds issued under another act) means those bonds
71	71	authorized to be issued pursuant to the authorization
72	72	contained in this act.
73	73	(3) "1990 Act" means Act No. 90-602 enacted at the 1990
74	74	Regular Session of the Legislature of Alabama, codified as
75	75	Article 14 of Chapter 10 of Title 41, Code of Alabama 1975.
76	76	(4) "1998 Act” means Act No. 98-245 enacted at the 1998
77	77	Regular Session of the Legislature of Alabama.
78	78	(5) “2006 Act” means Act No. 06-618 enacted at the 2006
79	79	Regular Session of the Legislature of Alabama.
80	80	Section 2. In addition to those bonds authorized to be
81	81	issued or refunded by the Authority pursuant to the 1990,
82	82	1998, and 2006 Acts, the Authority, acting pursuant to and
83	83	exercising the powers granted to it by Article 14 of Chapter
84	84	10 of Title 41 of the Code of Alabama 1975, as heretofore and
85	85	hereby amended, is hereby authorized to sell and issue its
86	86	Bonds in an aggregate principal amount not to exceed fifty
87	87	million dollars ($50,000,000) for the purpose of the
88	88	construction, renovation, reconstruction, improvement,
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116	116	53 HB181 INTRODUCED
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118	118	construction, renovation, reconstruction, improvement,
119	119	alteration, addition, demolition, surfacing and resurfacing of
120	120	land for parking and other uses to produce revenue, equipment,
121	121	operation and maintenance of public office building facilities
122	122	(including the State Capitol) and any other public office
123	123	facility or improvement related thereto, paying the costs of
124	124	such projects as shall be necessary or convenient, and paying
125	125	the costs of issuance of the Bonds.
126	126	Section 3. Section 41-10-461, Code of Alabama 1975 is
127	127	amended to read as follows:
128	128	"§41-10-461
129	129	Bonds may be sold by the authority from time to time in
130	130	series, and if sold in more than one series may all be
131	131	authorized in one initial resolution of the board of directors
132	132	with the pledges therefor made in such initial resolution
133	133	although some of the details applicable to each series may be
134	134	specified in the respective resolutions under which the
135	135	different series are issued; provided, however, that no bonds
136	136	of the authority that are authorized under Act 98-245 shall be
137	137	sold or counsel hired prior to February 1, 1999. Each series
138	138	of the bonds may be sold at public or private sale, or via
139	139	negotiation, as determined by the authority, at such price or
140	140	prices as the authority shall determine, and, if sold at
141	141	public sale either on sealed bids or at public auction, on a
142	142	basis determined by the authority to enable it to effect the
143	143	sale of the bonds being sold at the lowest effective borrowing
144	144	true interest cost to the authority; provided, that if in the
145	145	event of public sale of the bonds no bid acceptable to the
146	146	authority is received it may reject all bids. Notice of each
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176	176	authority is received it may reject all bids. Notice of each
177	177	public sale or summary notice of sale or both shall be given
178	178	by publication in either a financial journal or a financial
179	179	newspaper published in the City of New York, New York, and
180	180	also by publication in a newspaper published in the state
181	181	which is customarily published not less than five days during
182	182	each calendar week, each of which notices must be published at
183	183	least one time not less than 10 days prior to the date fixed
184	184	for the sale. The board of directors authority may fix the
185	185	terms and conditions under which each such sale may be held;
186	186	provided, that such terms and conditions shall not conflict
187	187	with any of the requirements of this article. Approval by the
188	188	Governor of the terms and conditions under which any of the
189	189	bonds may be issued shall be requisite to their validity,
190	190	which approval signed by the Governor shall be entered on the
191	191	minutes of the respective meetings of the board of directors
192	192	at which the series of the bonds proposed to be issued are
193	193	authorized or sold."
194	194	Section 4. All laws or parts of laws which conflict
195	195	with this act are repealed.
196	196	Section 5. The provisions of this act are severable.
197	197	If any part of this act is declared invalid or
198	198	unconstitutional, that declaration shall not affect the part
199	199	which remains.
200	200	Section 6. This act shall become effective immediately
201	201	upon its passage and approval by the Governor, or its
202	202	otherwise becoming a law.
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