HB749 Alabama 2010 Session

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

Proposing an amendment to the Constitution of Alabama of 1901, as amended, to allow the issuance by the State of general obligation refunding bonds under the authority of Amendment 666, now appearing as Section 219.04 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, without regard to the maximum aggregate principal limitations imposed thereon by 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.