HB486 Alabama 2011 Session

Summary

Primary Sponsor

Jay Love

Republican

Co-Sponsor

Joe Hubbard

Session

Regular Session 2011

Title

Agricultural Center Board, members revised, Garrett Coliseum Redevelopment Corporation, established, powers, duties, issuance of revenue bonds, designated use of proceeds, dissolution procedures, Sec. 2-6-1 am'd.; Secs. 2-6-20 to 2-6-38, inclusive, repealed (2011-21098)

Summary

HB486 creates the Garrett Coliseum Redevelopment Corporation to redevelop Garrett Coliseum, finance it with bonds, and transfer ownership from the state to the new entity with specific governance, funding, and dissolution rules.

What This Bill Does

The bill reorganizes oversight by revising the Alabama Agricultural Center Board and establishing a new public corporation to manage the Garrett Coliseum project. It authorizes the corporation to issue bonds up to $100 million (plus unlimited refunding bonds) to pay for renovation and related costs, with bond proceeds and revenues dedicated to project needs and debt service. It also transfers ownership of the coliseum and surrounding lands to the corporation, requires open competitive selection for developers/managers, and sets dissolution rules that return assets to the state after all debts are paid.

Who It Affects

• State and local government agencies in Alabama (including the Governor, the Alabama Agricultural Center Board, the Department of Finance, the Commissioner of Agriculture and Industries, and Montgomery city/county government) by altering governance, enabling property transfer, and authorizing public bond financing for the project.
• Developers, lenders/investors, and taxpayers who participate in or are affected by the project through competitive bidding for management/development, bond financing, revenue pledges, tax exemptions, and the use of project revenues to pay debt.

Key Provisions

• Creates the Garrett Coliseum Redevelopment Corporation and makes its board the same as the Agricultural Center Board, with defined chair and diversity requirements for new appointees.
• Authorizes the corporation to issue bonds up to $100,000,000 (excluding refunding bonds) to fund project work and related costs, with refunding bonds allowed without specified principal limits.
• Conveys Garrett Coliseum and related lands from the State of Alabama to the corporation, subject to a right of reverter if the corporation dissolves.
• Requires open and competitive procurement to select developers, managers, or operators for the project, without additional state approvals beyond the initial selection.
• Directs that receipts from project operations be used only to maintain and insure the property and to pay debt service, with funds kept in separate accounts and not commingled with state funds.
• Allows leases of the project to the AACB or other entities, with terms limited to one fiscal year (or funded only from project revenues) and with rents not payable from state appropriations beyond the stated terms.
• Provides for tax-exemption on bond interest and related investment income, and allows investment of funds in government securities; bonds not to be treated as a state general obligation.
• Outlines dissolution procedures: upon full payment of bonds, assets revert to the state and the corporation is dissolved; preceding article repealed to replace the old agricultural center corporation framework.
• Implements notice and challenge provisions for bond issuance, requiring publication and a 20-day period to bring actions in the Circuit Court of Montgomery County.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Agricultural Center Board