SB19 Alabama 2018 Session

Summary

Primary Sponsor

Gerald O. Dial

Republican

Session

Regular Session 2018

Title

State Parking Deck Authority, maturity date for bonds further provided for, specifications of state parking deck altered, transfer to General Fund from Authority's reserve fund, Sec. 41-10-515 repealed; Secs. 41-10-490, 41-10-497, 41-10-502, 41-10-513, 41-10-516 am'd.

Summary

The bill updates the Alabama State Parking Deck Authority's financing, construction specs, and leasing powers, including moving reserve funds to the General Fund and allowing private leasing.

What This Bill Does

It clarifies and expands how the parking deck is built and operated, including a provision to mirror the nearby Persons Office Building. It changes financing by setting a cap on bond maturity (up to 32 years) and increasing the maximum amount of bonds the authority can issue, and it allows transferring surplus reserve funds to the State General Fund after debts are paid. It broadens leasing rights to include non-state and private parties and adds enforcement to collect delinquent lease payments (when 90 days in arrears).

Who It Affects

• Alabama State Parking Deck Authority: gains expanded borrowing capacity and flexibility (higher bond amount, defined maturity limits) and new authority to lease to private parties, plus ability to move reserve funds to the General Fund.
• Lessees and potential lessees (state agencies and private entities): face expanded leasing opportunities and new payment enforcement provisions for delinquent leases.

Key Provisions

• Provision 1: Amends multiple sections to modify bond maturity limits, increase the maximum principal amount of bonds the Authority may issue, authorize transfers from the reserve fund to the State General Fund, and repeal the prior leasing provision in Section 41-10-515.
• Provision 2: Expands leasing authority to non-state and private parties, defines parking deck specifications (including capacity to mirror the Persons Office Building), and adds a delinquent lease payment collection process, with the act becoming effective after governor approval.

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

Subjects

Bonds