HB181INTRODUCED
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HB181
5FWX6M3-1
By Representatives Underwood, Reynolds
RFD: Ways and Means General Fund
First Read: 05-Feb-25
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5 5FWX6M3-1 02/03/2025 EBO-DHC EBO JT EBO-2025-2
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First Read: 05-Feb-25
SYNOPSIS:
This bill would amend those provisions of Act
No. 90-602 enacted at the 1990 Regular Session of the
Legislature of Alabama, codified as Sections 41-10-458
and 41-10-461, Code of Alabama 1975, to allow the
Alabama Building Renovation Finance Authority to issue
bonds in an amount not to exceed $50 million for
authorized projects allowed under Section 41-10-456,
Code of Alabama 1975, and clarify certain provisions
related to the sale of bonds by the Authority.
A BILL
TO BE ENTITLED
AN ACT
To amend those provisions of Act No. 90-602 enacted at
the 1990 Regular Session of the Legislature of Alabama,
codified as Sections 41-10-458 and 41-10-461, Code of Alabama
1975, to allow the Alabama Building Renovation Finance
Authority to issue bonds in an amount not to exceed $50
million for authorized projects allowed under Section
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million for authorized projects allowed under Section
41-10-456, Code of Alabama 1975, and to clarify certain
provisions related to the sale of bonds by the Authority.
BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
Section 1. Definitions. The following terms, whenever
used in this act, shall have the following respective meanings
unless the context clearly indicates otherwise:
(1) "Authority" means Alabama Building Renovation
Finance Authority established pursuant to the 1990 Act.
(2) "Bonds" (except where that word is used with
reference to bonds issued under another act) means those bonds
authorized to be issued pursuant to the authorization
contained in this act.
(3) "1990 Act" means Act No. 90-602 enacted at the 1990
Regular Session of the Legislature of Alabama, codified as
Article 14 of Chapter 10 of Title 41, Code of Alabama 1975.
(4) "1998 Act” means Act No. 98-245 enacted at the 1998
Regular Session of the Legislature of Alabama.
(5) “2006 Act” means Act No. 06-618 enacted at the 2006
Regular Session of the Legislature of Alabama.
Section 2. In addition to those bonds authorized to be
issued or refunded by the Authority pursuant to the 1990,
1998, and 2006 Acts, the Authority, acting pursuant to and
exercising the powers granted to it by Article 14 of Chapter
10 of Title 41 of the Code of Alabama 1975, as heretofore and
hereby amended, is hereby authorized to sell and issue its
Bonds in an aggregate principal amount not to exceed fifty
million dollars ($50,000,000) for the purpose of the
construction, renovation, reconstruction, improvement,
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construction, renovation, reconstruction, improvement,
alteration, addition, demolition, surfacing and resurfacing of
land for parking and other uses to produce revenue, equipment,
operation and maintenance of public office building facilities
(including the State Capitol) and any other public office
facility or improvement related thereto, paying the costs of
such projects as shall be necessary or convenient, and paying
the costs of issuance of the Bonds.
Section 3. Section 41-10-461, Code of Alabama 1975 is
amended to read as follows:
"§41-10-461
Bonds may be sold by the authority from time to time in
series, and if sold in more than one series may all be
authorized in one initial resolution of the board of directors
with the pledges therefor made in such initial resolution
although some of the details applicable to each series may be
specified in the respective resolutions under which the
different series are issued; provided, however, that no bonds
of the authority that are authorized under Act 98-245 shall be
sold or counsel hired prior to February 1, 1999. Each series
of the bonds may be sold at public or private sale, or via
negotiation, as determined by the authority, at such price or
prices as the authority shall determine, and, if sold at
public sale either on sealed bids or at public auction, on a
basis determined by the authority to enable it to effect the
sale of the bonds being sold at the lowest effective borrowing
true interest cost to the authority; provided, that if in the
event of public sale of the bonds no bid acceptable to the
authority is received it may reject all bids. Notice of each
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authority is received it may reject all bids. Notice of each
public sale or summary notice of sale or both shall be given
by publication in either a financial journal or a financial
newspaper published in the City of New York, New York, and
also by publication in a newspaper published in the state
which is customarily published not less than five days during
each calendar week, each of which notices must be published at
least one time not less than 10 days prior to the date fixed
for the sale. The board of directors authority may fix the
terms and conditions under which each such sale may be held;
provided, that such terms and conditions shall not conflict
with any of the requirements of this article. Approval by the
Governor of the terms and conditions under which any of the
bonds may be issued shall be requisite to their validity,
which approval signed by the Governor shall be entered on the
minutes of the respective meetings of the board of directors
at which the series of the bonds proposed to be issued are
authorized or sold."
Section 4. All laws or parts of laws which conflict
with this act are repealed.
Section 5. The provisions of this act are severable.
If any part of this act is declared invalid or
unconstitutional, that declaration shall not affect the part
which remains.
Section 6. This act shall become effective immediately
upon its passage and approval by the Governor, or its
otherwise becoming a law.
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