SB272 Alabama 2024 Session

Summary

Primary Sponsor

Greg AlbrittonSenator

Republican

Session

Regular Session 2024

Title

FY24 Alabama Building Renovation Finance Authority Bill

Summary

SB272 would allow the Alabama Building Renovation Finance Authority to issue up to $50 million in bonds for approved public-building projects and clarify how those bonds may be sold.

What This Bill Does

It amends the 1990 Act to authorize the Alabama Building Renovation Finance Authority to issue aggregate bonds not to exceed $50 million for construction, renovation, alteration, demolition, surfacing, parking, equipment, and maintenance of public office buildings (including the State Capitol) and related facilities, as well as paying issuance costs. It allows the Authority to sell bonds in one or more series by public, private, or negotiated means, with terms determined by the Authority and requiring Governor approval for those terms; notices must be published prior to sales and the sale aims to achieve the lowest true interest cost. It clarifies sale procedures and related notices, and provides definitions for key terms used in the act; the act would take effect immediately upon Governor approval.

Who It Affects

• The Alabama Building Renovation Finance Authority and prospective bondholders/investors: gain the authority to issue up to $50 million in bonds for eligible projects and to structure and sell those bonds under defined rules, including governor-approval requirements.
• Public buildings and state facilities (such as the State Capitol) and the general public: could be financed or renovated using the bond proceeds, impacting funding for construction, renovation, equipment, and maintenance funded by the bonds.

Key Provisions

• Section 1 defines terms used in the act (Authority, Bonds, 1990 Act, 1998 Act, 2006 Act) to clarify how the act operates.
• Section 2 authorizes the Authority to issue aggregate bonds not to exceed fifty million dollars for specified public-building projects and related costs, including issuance costs.
• Section 3 amends 41-10-461 to allow bonds to be sold in one or more series, by various sale methods, with terms set by the Authority and Governor approval required; includes publication and notice requirements and sale procedures intended to secure the lowest true interest cost.
• Sections 4-6 address repeal of conflicting laws, severability, and immediate effectiveness upon Governor 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