SB327 Alabama 2024 Session

Summary

Primary Sponsor

Chris Elliott Senator

Republican

Session

Regular Session 2024

Title

Capital Improvement Cooperative Districts under Chapter 99B, Title 11, Code of Alabama 1975, amendment of articles of incorporation for new areas, use of funds for construction costs, approval of certain rates and fees

Description

Under existing law, Chapter 99B of Title 11, Code of Alabama 1975, provides that a county, municipality, or other public corporation may incorporate a Capital Improvement Cooperative District to finance a project that the county, municipality, or other public corporation would otherwise be authorized to own, construct, or finance. A project includes any capital improvement, building, or similar facility that the county, municipality, or other public corporation is authorized to own, construct, or finance. The district is authorized to issue revenue bonds for any corporate use payable from the revenue of any project or projects of the district.

This bill would authorize the articles of incorporation of the district to be amended to add new areas in which the district proposes to acquire a project or projects.

The bill would also authorize the use of funds of the district to pay the construction costs of the new projects and would provide that the rentals, rates, fees, and other charges fixed by the district would be required to be approved by the governing body of the county, municipality, or other public corporation if required by the certificate of incorporation.

SB327 INTRODUCED.

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Subjects

Counties & Municipalities