The bill SB95 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 increasing the director's fees for board members attending meetings, allowing for a maximum of $1,750 per month for regular members and $2,000 for the chair. The bill also updates terminology, replacing "chairman" and "vice-chairman" with "chair" and "vice chair," and clarifies the election process for the board of directors, ensuring that the board's composition reflects the state's diversity. Additionally, it specifies that members of the election committee cannot serve on the board and outlines the voting process based on the amount of electric power purchased by municipalities.

Moreover, the bill mandates that the authority maintain comprehensive financial records and undergo an annual audit by an independent firm to promote transparency and accountability. It requires written notice for special meetings and establishes guidelines for filling board vacancies. The provisions of this act are set to take effect on January 1, 2026. Overall, these amendments aim to enhance the operational efficiency and governance of the authority while providing flexibility in compensating board members for their service.

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