HB484 Alabama 2012 Session

Summary

Primary Sponsor

Joe Hubbard

Democrat

Session

Regular Session 2012

Title

Garrett Coliseum Agriculture, the Garrett Coliseum Redevelopment Corporation, and managing entities authorized to buy into state's umbrella insurance coverage, Act 2011-575, 2011 Reg. Sess., am'd; Sec. 2-6-108 am'd

Summary

HB484 allows the Coliseum’s managing bodies to join Alabama’s umbrella insurance for Garrett Coliseum and updates rules on development selection and funding.

What This Bill Does

The bill amends Section 2-6-108 to let the Agriculture Center Board, the Garrett Coliseum Redevelopment Corporation, or other coliseum managers buy into the state's umbrella insurance policy for coverage of the coliseum. It requires open and competitive selection to choose a developer, manager, promoter, or operator for the coliseum. It also sets how project money is used: to insure and maintain facilities and to pay debt service on bonds, keeps revenues separate from state funds, and directs any unused money to a special fund; it also allows paying insurance premiums, including the umbrella policy, from project revenues.

Who It Affects

• The Agriculture Center Board, the Garrett Coliseum Redevelopment Corporation, and any other entity managing the coliseum will be able to buy into the state's umbrella insurance and must follow competitive selection and funding rules.
• The state and its financial interests (including bondholders and taxpayers) are affected because project revenues must insure/maintain the coliseum and pay its debt service, with funds kept separate from the General Fund and potential transfers to a special fund when not needed.

Key Provisions

• Authorize the Agriculture Center Board, the corporation, or any other entity managing the coliseum to buy into the state's umbrella insurance policy for coverage of the coliseum.
• Amend Section 2-6-108 to require open and competitive selection for developers/managers/promoters/operators, mandate that receipts be used to insure/maintain the project and pay debt service, prevent commingling with state funds, and allow transferring unused funds to a special fund; also authorize paying insurance premiums, including the umbrella policy, from project revenues.

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

Subjects

Agriculture