HB163 would amend the Alabama Constitution to let Escambia County's Oil and Gas Severance Trust loan funds to the county for economic development and for roads, bridges, and other capital projects, with set loan terms and investment authority.
It authorizes the trust trustees to loan all or part of the trust funds to Escambia County, and lets the County Commission borrow and use the funds only for economic development or for roads, bridges, and other capital projects in the county. Each loan would be a general obligation of the county and would be repaid in equal semiannual installments over up to 15 years at an interest rate equal to 1 percent above the 10-year U.S. Treasury note rate on the loan date. The trustees may invest the trust funds in other investments allowed by local law, and any related local investment laws are ratified. An election would be held to approve the amendment with specific ballot language.
Delivered to Secretary of State at 1:18 p.m. on May 20, 2013.
Assigned Act No. 2013-259.
Clerk of the House Certification
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 1034
Motion to Read a Third Time and Pass lost Roll Call 1033
Sanders motion to Reconsider adopted Voice Vote
Third Reading Received
Third Reading Passed
Whatley to table Smitherman motion to recommit adopted Roll Call 567
Smitherman motion to recommit
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Local Legislation No. 1
Motion to Read a Third Time and Pass adopted Roll Call 68
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Local Legislation
Source: Alabama Legislature