SB53 Alabama 2020 Session

Relating to economic development; to authorize the incorporation in any municipality or county in this state of a local redevelopment authority for the purpose of promoting trade and commerce by inducing commercial enterprise to upgrade, improve, modernize, and expand existing facilities and to locate new facilities on land contiguous with an active U.S. Air Force military installation within the corporate limits of the municipality, or geographical boundaries of the county; to provide for the formation, governance, power, and duties of the authority; to provide for the issuance by the authority of interest-bearing revenue bonds and other interest-bearing securities, payable solely out of the revenues and receipts derived from the leasing or sale of properties owned by the authority; to provide that the securities may be secured by a pledge of the revenues and receipts from which they are payable; to authorize the authority to finance, construct, acquire, purchase, renovate, maintain, improve, sell, equip, operate, or manage projects; to authorize the authority to receive the proceeds of municipal taxes levied for the authority’s purposes; to make the securities issued by the authority eligible investments for various governmental bodies and fiduciaries; to provide procedures for the issuance of bonds by the authority; to exempt the income of any authority, and all conveyances, leases, mortgages, and deeds of trust to which the authority is a party, from all taxation in the state; to exempt the authority from all license and excise taxes and all charges of judges of probate; to exempt the authority from all laws of the state governing usury or prescribing or limiting interest rates; to authorize political subdivisions, agencies, instrumentalities, and public corporations of the state to aid the authority with loans or grants of money, the furnishing of services, or the transfer of property to the authority without any public election; and to further provide for the dissolution of certain county industrial development authorities.