The bill establishes the Cleburne County Economic Development Authority, which will be responsible for 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 will 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 will have the authority to adopt bylaws, appoint a director for day-to-day operations, and employ necessary personnel. Members will serve without compensation but can be reimbursed for actual expenses incurred while performing their duties.

The authority will have the power to formulate plans to promote industrial development and economic growth in Cleburne County and its municipalities, including the ability to abate or exempt local taxes, issue bonds, and manage properties as needed. However, any tax abatement or exemption must be approved by the local governing body, and such incentives cannot be granted to board members, the director, or their immediate family members. The authority's operations will be funded through various sources, including county appropriations, tobacco tax revenue, and grants. The act is set to take effect on October 1, 2026.

Statutes affected:
Introduced: 36-25-14