SB273 Alabama 2021 Session

Summary

Primary Sponsor

Gerald H. Allen Senator

Republican

Session

Regular Session 2021

Title

Joint road improvement authorities, provide for method of incorporation, powers, duties, provide for reincorporation of certain existing road improvement commissions

Description

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.

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Subjects

Authorities