Class 2 municipalities; industrial development boards, powers amended

Summary

The bill expands the authority of industrial development boards in Alabama’s Class 2 cities, allowing them to issue and sell bonds and to finance, build, lease, operate, and dispose of a wide range of development projects. Boards can use bond proceeds, state or local contributions, and other funds to cover project costs and may loan those proceeds to further public‑purpose projects. The change aims to promote trade, employment, tax‑base growth, and address blight within those municipalities.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share