The bill establishes the Cleburne County Economic Development Authority, which is tasked with negotiating industrial and economic development matters within the county. The authority will be governed by a board of directors composed of five members, all of whom must be residents and qualified electors of Cleburne County. The initial terms for board members vary from two to six years, depending on their appointment, after which all members will serve four-year terms. The board will meet at least quarterly and can elect officers, including a chair and vice chair, during its organizational meetings. Members will serve without compensation but can be reimbursed for necessary expenses incurred while performing their duties.

The authority is granted various powers to promote industrial development and economic growth, including the ability to abate or exempt local taxes, issue bonds, and manage properties. However, any tax abatement or exemption requires approval from the local governing body, and members of the board, the director, and their immediate family members are prohibited from receiving such benefits. The authority's operations will be funded through various sources, including county appropriations, tobacco tax revenues, and grants. The act is set to take effect on October 1, 2026.

Statutes affected:
Introduced: 36-25-14
Enrolled: 36-25-14