SB496 Alabama 2010 Session

Under existing law, the Alabama Incentives Financing Authority is authorized to borrow not in excess of $175,000,000 for research and training facility projects and for the payment of training facility management fees. This bill would provide for the financing by the Authority and payment of certain economic development costs, projects and related expenses, increase the aggregate principal amount of bonds that may be issued by the Authority; permit the Authority to fund and maintain a maintenance fund for the payment of operating and maintenance expenses for projects acquired or operated by the Authority and other costs, expenses or other obligations of the authority; and authorize the state to enter into a funding agreement under which the state may agree, in the event moneys are withdrawn during any fiscal year of the State from any reserve fund established by the authority for the payment of debt service on any Authority bonds due to the inadequacy of pledged revenues to timely pay such debt service, to provide funds to the authority not in excess of the amount so withdrawn from whatever source lawfully available to the state for that purpose in order to fully fund such reserve fund

To amend Sections 41-10-541, 41-10-547, 41-10-550, and 41-10-551; to modify existing terms and to add additional terms; to provide for the financing and payment of the costs of certain economic development costs, projects and related expenses; to provide authority for the entering into by the Governor on behalf of the state of an agreement under which the state may agree, in the event moneys are withdrawn during any fiscal year of the State from any reserve fund established by the authority for the payment of debt service on any Authority bonds due to the inadequacy of pledged revenues to timely pay such debt service, to provide funds to the authority not in excess of the amount so withdrawn from whatever source lawfully available to the state for that purpose in order to fully fund such reserve fund; to permit the Authority to transfer all the moneys not needed for payment of debt service on the Authority’s bonds or other Authority obligations from the Special Fund created in Section 41-10-5 to the general fund of the State or to a fund to be used to pay certain costs of acquiring, operating and maintaining projects owned or operated by the Authority upon certain conditions, and to increase the aggregate principal amount of bonds that may be issued by the Authority.