SB183 Alabama 2020 Session

Summary

Primary Sponsor

David SessionsSenator

Republican

Session

Regular Session 2020

Title

Counties, refunding bonds previously issued, ratified under certain conditions, authorized to further refund, Sec. 11-81-93 am'd.

Summary

SB183 lets counties refinance their bonds without an election and, through 2020, refinance pre-2011 bonds to refinance other bonds, with prior refunds ratified.

What This Bill Does

It amends Section 11-81-93 to let county commissions issue refunding bonds without an election for the principal amount to be refunded and to refinance installments of at least $1,000 on serial bonds. It adds a temporary provision (through December 31, 2020) allowing counties to issue refunding bonds without election to refund bonds originally issued before 2011 to refinance other bonds, and it ratifies prior refunding bonds while authorizing new ones to refinance those bonds. It excludes bonds already held invalid by the Alabama Supreme Court or involved in pending civil actions from this temporary provision, and the act becomes effective immediately after the governor signs it.

Who It Affects

• County commissions in Alabama: gain authority to issue refunding bonds without voter approval to refinance outstanding debt.
• Bondholders of outstanding bonds (including those issued before 2011): their bonds may be refunded or refinanced under the new rules.

Key Provisions

• Allows counties to issue refunding bonds without an election to refund outstanding bonds up to the principal amount to be refunded and to refund installments of not less than $1,000 on serial bonds.
• Adds a temporary provision (through December 31, 2020) permitting counties to refund bonds originally issued before January 1, 2011 to refund other bonds, with prior refunding bonds ratified and confirmed and future refunding bonds authorized to refund those bonds.
• Excludes from the temporary provision any bonds already held invalid by the Alabama Supreme Court or involved in pending civil actions, as well as bonds with other specified legal issues.
• Effective date: the act becomes effective immediately upon the governor's signature.

AI-generated summary using openai/gpt-5-nano on Feb 23, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Counties