House Bill 2987 amends the charter for the City of Algood by making specific changes to existing legal language. It replaces Article I, Section 1.01, which defines the City of Algood as a body politic and corporate, ensuring it has the authority to engage in legal actions, manage property, and maintain a corporate seal. Additionally, it modifies Article I, Section 1.04 by deleting subparagraph (e) and substituting it with new language that expands the city's powers to acquire, dispose of, lease, or hold property both inside and outside the city.

The bill stipulates that it will only take effect if approved by a two-thirds vote of the legislative body of the City of Algood, with the outcome being certified to the secretary of state. While the act will be effective immediately for the purpose of approval or rejection, it will only become fully effective for other purposes once the legislative body's approval is secured.