The bill authorizes the governing bodies of counties and municipalities in Alabama to withdraw from multijurisdiction authorities, which are entities created to address economic development issues across multiple jurisdictions. If a multijurisdiction authority has no outstanding debt, a county or municipality can unilaterally withdraw by resolution. Following this withdrawal, the governing body may establish a successor entity that operates within its boundaries and performs similar functions, as well as manage the distribution or use of any previously allocated funds. Additionally, the multijurisdiction authority is required to remit a portion of its unencumbered funds to the withdrawing entity, corresponding to the percentage of funding that originated from the withdrawing jurisdiction.

The bill also includes provisions that allow the newly established entity to borrow money and issue revenue bonds. The legal language inserted into the current law includes definitions and procedures for withdrawal, the establishment of successor entities, and the financial arrangements regarding the distribution of funds. There are no deletions from current law noted in the text provided. The act is set to take effect immediately upon passage.