SB77 Alabama 2011 Session

Updated Jul 26, 2021

Summary

Primary Sponsor: Del Marsh
Republican
Session: Regular Session 2011
Title: Economic development, financial commitments to build or expand in Alabama, written contracts required within certain time period, existing commitments without written contract void after certain period of time
Description: This bill would provide that if the state makes a commitment to a company to provide economic development funds as an incentive to build or expand in this state, the state and the company must enter into a written mutually acceptable contract within five years after the date of the commitment in order for the commitment to be valid.
This bill would provide that any commitment already made by the state where the company and the state do not enter into a written mutually acceptable contract within five years after the date of the commitment or one year after the effective date of this act is void.
Subjects: Economic Development