HB749 Alabama 2010 Session

Summary

Primary Sponsor

John F. Knight Jr

Democrat

Session

Regular Session 2010

Title

Bonds, general obligation bonds issued under Amendment 666 (Section 219.04, Recompiled Constitution of Alabama of 1901, as amended), Alabama Capital Improvement Trust Fund, and increases in bonding authority pursuant to Amendment 796 (Section 219.041, Recompiled Constitution of Alabama of 1901, as amended), refunding bonds not subject to the amount of bond issuance authority, const. amend.

Description

Under existing provisions of the Constitution of Alabama of 1901, Amendments 666 and 796, now appearing as Sections 219.04 and 219.041 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, bonds issued to refund existing general obligation bonds count against the maximum aggregate principal amount of general obligation bonds that may be issued pursuant to said amendments.

This bill would propose an amendment to the Constitution of Alabama of 1901, to provide that bonds issued to refund bonds issued under said Amendments 666 and 796, now appearing as Sections 219.04 and 219.041 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, would not count against the maximum aggregate principal amount of general obligation bonds that may be issued pursuant to said amendments. In all other respects, Amendments 666 and 796, now appearing as Sections 219.04 and 219.041 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, would remain unchanged and in full force and effect.

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Subjects

Constitutional Amendments