HB458 Alabama 2022 Session

Under existing law, among other things, Amendment 772 to the Constitution of Alabama of 1901, now appearing as Section 94.01 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, authorizes counties and municipalities to use public funds to acquire real estate for economic and industrial development; and Section 222 of the Constitution of Alabama of 1901, as amended, prohibits counties and municipalities from issuing bonds without a vote of the people

This bill would propose an amendment to Amendment 772 to the Constitution of Alabama of 1901, as amended, to specify that counties and municipalities are exempt from the prohibition against issuing bonds under Amendment 772 without a vote of the people; revise requirements for publication of notice for economic and industrial development projects; and ratify all actions and agreements of any county or municipality done under Amendment 772 unless the action or agreement is subject to pending judicial proceedings on the date of ratification of this amendment

Proposing an amendment to Amendment 772 to the Constitution of Alabama of 1901, now appearing as Section 94.01 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to economic development projects of counties and municipalities; to revise requirements for incurring indebtedness for economic development purposes; to revise the requirement for publication of notices for economic and industrial purposes; and to ratify actions taken and agreements made under Amendment 772 made prior to the ratification of this amendment.