HB613 Alabama 2010 Session

Summary

Primary Sponsor

Demetrius C. Newton

Democrat

Co-Sponsors

Rod ScottJohn W. RogersMary Sue McClurkinArthur PayneAllen TreadawayDickie DrakeJack WilliamsPaul DeMarcoPat MooreGregory CanfieldElwyn ThomasPatricia ToddMerika ColemanMary MooreOliver RobinsonEarl F. HilliardLawrence McAdory

Session

Regular Session 2010

Title

Jefferson Co., bonds and other debt issued by county and certain swap agreements, notice, public records, requirements, competitive bids on swap agreements

Summary

HB613 would require Jefferson County to provide public notice and hearings, competitively bid swap agreements, and publicly disclose final terms and payments for certain debt and swap deals.

What This Bill Does

The bill applies to Jefferson County debt over $5 million or any swap agreement. It requires a public notice and hearing before issuing debt or entering a swap, with detailed information about amounts, rates, maturities, payment sources, security, and bidding. For swaps, at least four qualified providers must bid, with bid numbers and a best bid selected, and the county may reject all bids. After a debt or swap is finalized, the county must file a public report with final terms and any changes, and it must obtain sworn statements about payments to third parties, which also become public records; payments are restricted until proper documentation is filed.

Who It Affects

• Jefferson County government officials and county departments responsible for issuing debt or entering swap agreements, who must follow notice, hearing, bidding, and reporting requirements.
• Financial market participants and other payment recipients (swap providers, underwriters, banks, lenders, and third-party service providers) who must submit bids, provide required information, and supply sworn statements about payments, all of which are publicly disclosed.

Key Provisions

• Applies to debt in a single transaction or related issuances exceeding $5,000,000 and to any swap agreement with Jefferson County.
• Requires notice and a public hearing before debt issuance or swap entry, with specific content required in the notice (amount, purposes, rates, maturity, payment sources, security, sale method, and related terms).
• Mandates competitive bidding for swap agreements, including inviting at least four qualified providers, providing bid documents, and publicly announcing bid numbers and the best bid; allows rejection of all bids.
• Requires a post-issuance public report detailing final terms, variations from notices, payments to services or underwriters, and related rationale; may reference final statements if included in the final official statement.
• Prohibits payments to any payee until proper sworn statements are obtained and filed, identifying amounts, purposes, and third-party recipients of payments.
• Public records filings must occur within a specified timeframe (e.g., seven days after binding agreement) and are subject to severability and repeal of conflicting laws; effective 30 days after governor approval.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Jefferson County