The bill amends existing laws regarding the powers of industrial development boards in Class 2 municipalities in Alabama. It introduces new legal language that grants these boards the authority to issue and sell bonds, as well as to acquire, construct, expand, improve, and manage development projects. The definition of "development projects" is expanded to include a wide range of uses, such as industrial, commercial, residential, and other improvements aimed at enhancing trade, commerce, and employment opportunities within the municipality. The bill emphasizes that a majority of the board members must adopt a resolution affirming that the development project serves a public purpose, which may include job creation, tax base expansion, and the elimination of blight.

Additionally, the bill specifies that industrial development boards in Class 2 municipalities will have the power to finance development projects through various means, including loans and grants, and to accept contributions from state or local entities. The act is set to take effect on October 1, 2026. The new provisions are intended to enhance the capabilities of these boards to support economic growth and development within their respective municipalities.