The bill amends provisions of Act No. 90-602, specifically Sections 41-10-458 and 41-10-461 of the Code of Alabama 1975, to authorize the Alabama Building Renovation Finance Authority to issue bonds up to $50 million for various public projects. These projects include construction, renovation, and maintenance of public office facilities, such as the State Capitol, as well as related improvements. The bill also clarifies the process for selling these bonds, allowing for public or private sales and negotiations, and specifies that the authority can determine the sale price to achieve the lowest true interest cost.

Additionally, the bill makes several deletions and insertions to the existing legal language. Notably, it removes the requirement for public sale notices to be published in specific financial journals and newspapers, streamlining the process. The term "effective borrowing cost" is replaced with "true interest cost," and the authority is granted more flexibility in determining the terms and conditions of bond sales. The act will take effect immediately upon passage and approval by the Governor.

Statutes affected:
Introduced: 41-10-458, 41-10-461
Enrolled: 41-10-458, 41-10-461, 41-10-456