Measure Creates New Borrowing Authority for Additional Economic Development Funding

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By a resounding 69% affirmative vote, Alabamians approved a measure that amends an existing Alabama Constitutional Amendment to allow the State to issue general obligation bonds to finance economic development incentives. This new authority permits periodic borrowings so long as at no time more than $750 million of bonds issued under the amendment are outstanding. The amendment results in an immediate increase in the State's borrowing capacity to $160 million (up from only $30 million). The passage of the amendment by such a strong margin shows the commitment that the government and the people of Alabama have to foster economic development. The state's major business and trade associations, as well as Governor Robert Bentley, supported the amendment.

If you have questions about how these funds may be used to help companies grow and create jobs in Alabama, please contact Alex Leath (205.521.8899; aleath@babc.com) or Chris Grissom (205.521.8514; cgrissom@babc.com).

 

Published In: Administrative Agency Updates, Constitutional Law Updates, Elections & Politics Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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