HB671 Alabama 2010 Session

Summary

Primary Sponsor

John F. Knight Jr

Democrat

Session

Regular Session 2010

Title

Alabama Incentives Financing Authority, bonding authority increased, funding agreements, maintenance fund, and projects further provided for, withdrawal of funds from reserve funds to meet obligations, Secs. 41-10-541, 41-10-547, 41-10-550, 41-10-551 am'd.

Description

Under existing law, the Alabama Incentives Financing Authority is authorized to borrow not in excess of $175,000,000 for research and training facility projects and for the payment of training facility management fees. This bill would provide for the financing by the Authority and payment of certain economic development costs, projects and related expenses, increase the aggregate principal amount of bonds that may be issued by the Authority; permit the Authority to fund and maintain a maintenance fund for the payment of operating and maintenance expenses for projects acquired or operated by the Authority and other costs, expenses or other obligations of the authority; and authorize the state to enter into a funding agreement under which the state may agree, in the event moneys are withdrawn during any fiscal year of the State from any reserve fund established by the authority for the payment of debt service on any Authority bonds due to the inadequacy of pledged revenues to timely pay such debt service, to provide funds to the authority not in excess of the amount so withdrawn from whatever source lawfully available to the state for that purpose in order to fully fund such reserve fund.

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Subjects

Alabama Incentives Financing Authority