SB260 would amend Alabama’s constitution to boost bonding authority by $50 million and use the proceeds to fund National Guard armories, with requirements for public bidding and diversity in contracting.
It increases the total General Obligation bond authority under Amendment 666 by $50 million. The bonds must be sold publicly, with bids chosen by the lowest true interest cost and bids can be rejected if not acceptable. The Bond Commission must contract with diverse Alabama businesses or individuals for issuance-related work. Bonds would have a maturity of 20 years or less, and the proceeds go to the Armory Commission of Alabama for plans, construction, and maintenance of National Guard armories; additional Oil and Gas Capital Payments to the Alabama Trust Fund would be directed to the Capital Improvement Trust Fund to pay debt service on these bonds. The existing framework of Amendment 666 and related amendments remains in effect.
Forwarded to Secretary of State on May 20, 2013 at 11:22 p.m. on May 20, 2013
Assigned Act No. 2013-266.
Enrolled
Signature Requested
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 1245
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 Military and Veterans Affairs
Engrossed
Motion to Read a Third Time and Pass adopted Roll Call 646
Taylor motion to Adopt lost Roll Call 645
Rules Committee Petition to Cease Debate adopted Roll Call 644
Taylor Amendment Offered
Whatley motion to Adopt adopted Roll Call 643
Fiscal Responsibility and Accountability Amendment Offered
Third Reading Passed
Read for the second time and placed on the calendar 1 amendment
Read for the first time and referred to the Senate committee on Fiscal Responsibility and Accountability
Source: Alabama Legislature