The bill SB95 Engrossed amends Section 11-50A-6 of the Code of Alabama 1975, focusing on the governance and compensation structure of the Alabama Municipal Electric Authority. Key changes include the restructuring of the board of directors to consist of members from municipalities authorized to designate a member of the election committee, with the number of board members reflecting the municipalities contracting with the authority for electric power, rather than a fixed number of nine. The bill also updates terminology for clarity, replacing "chairman" with "chair" and ensuring that all board members serve at the pleasure of the election committee. Additionally, it mandates that municipalities not entitled to representation on the election committee designate a qualified elector as an additional member.

In terms of compensation, the bill deletes the previous provision allowing for compensation of up to $600 per meeting and establishes that board members will serve without compensation, although they may be reimbursed for actual expenses incurred. It introduces a new structure allowing for a director's fee of up to $1,750 per month for attending meetings, with the chair receiving up to $2,000 per month. The bill also requires the authority to maintain comprehensive financial records and undergo an annual audit by an independent firm, with results made available to interested parties. The act is set to take effect on January 1, 2026.

Statutes affected:
Introduced: 11-50A-6
Engrossed: 11-50A-6