HB394 Alabama 2024 Session

Summary

Primary Sponsor

Rex ReynoldsRepresentative

Republican

Session

Regular Session 2024

Title

FY24 Alabama Building Renovation Finance Authority Bill

Summary

HB394 would let the Alabama Building Renovation Finance Authority issue up to $50 million in bonds to fund public-building projects and clarify how those bonds can be sold.

What This Bill Does

The bill authorizes the Authority to issue bonds totaling up to $50 million for construction, renovation, and related costs of public office facilities (including the State Capitol) and to cover issuance expenses. It also updates how bonds can be sold—allowing series, various sale methods (public, private, or negotiated), and pricing to achieve the lowest true interest cost—while requiring governor approval and specific notice procedures before sales. It repeals conflicting laws, provides severability, and makes the act effective immediately upon governor’s approval.

Who It Affects

• Alabama Building Renovation Finance Authority and state agencies planning public-building projects, by giving them increased borrowing flexibility and a defined funding limit (up to $50 million) to finance renovations and related costs.
• Bond investors and the general public, by changing the bond sale process (series issuance, sale methods, pricing rules, bid requirements, and notice publication) and by creating potential debt obligations funded through public facilities.

Key Provisions

• Defines key terms used in the act, including 'Authority', 'Bonds', and references to prior Alabama Acts (1990, 1998, 2006).
• Authorizes the Authority to issue bonds up to $50,000,000 for construction, renovation, reconstruction, improvement, demolition, resurfacing, and related uses to generate revenue and support operation/maintenance of public office facilities (including the State Capitol) and to pay issuance costs.
• Allows bonds to be sold in series and by various methods (public, private, or negotiated) with terms set by the Authority; requires Governor's approval of bond terms and mandates entry of that approval into meeting minutes; provides bid and sale flexibility including rejection of bids.
• Requires notice of public sales to be published in specified New York financial publications and in a state newspaper at least 10 days before the sale; permits the Authority to set sale terms as long as they meet statutory requirements.
• Repeals laws that conflict with this act, maintains severability, and makes the act effective immediately upon governor’s approval.

AI-generated summary using openai/gpt-5-nano on Feb 22, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Government Administration