SB273 Alabama 2021 Session

This bill would provide for the establishment of joint road improvement authorities by counties and participating municipalities, and would provide for the procedure for incorporation of an authority and officers and directors of an authority

This bill would also provide a procedure for reincorporating and ratifying the existence of previously created road improvement commissions in counties containing a Class 4 municipality incorporated under Chapter 44B of Title 11, Code of Alabama 1975

This bill would authorize a joint road improvement authority to issue and sell bonds, make grants, and amend the articles of incorporation of the authority and would provide for certain other powers of an authority. The bill would also exempt an authority from certain taxes, provide for the validation of bond issues by an authority, provide for the authorization of the appropriation of funds and the donation of property to an authority, provide for the dissolution of an authority and transfer of funds upon dissolution, provide for the investment in bonds of an authority by certain entities, and would provide for the bonds of an authority to be eligible to be pledged as security for funds belonging to the state or any of its political subdivisions or instrumentalities

Providing for the creation of joint road improvement authorities for counties and participating municipalities; providing a procedure for incorporation; providing for the qualifications, procedure for election, and terms of the officers and directors of an authority; providing for the procedure for reincorporating and ratifying the existence of previously created road improvement commissions in counties containing a Class 4 municipality incorporated under Chapter 44B of Title 11, Code of Alabama 1975; providing for the issuance, sale, and execution of bonds; providing for the disposition of proceeds from sale of bonds and refunding bonds; providing for the making of grants and the amendment of articles; providing for powers of an authority; providing for certain exemptions from taxation; providing for limited liability; providing a procedure for validating bond issues; authorizing other governmental bodies to appropriate funds and donate property to an authority; providing for the dissolution of authorities and transfer of funds and assets upon dissolution; allowing municipalities, counties, the state, the Teachers' Retirement System of Alabama, the Employees' Retirement System of Alabama, the State Insurance Fund, and fiduciaries to invest in bonds issued by an authority; and authorizing bonds to be pledged as security.