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AL HB343
AL HB343State rural electrification authorities and electric membership corporations; removes requirement for Department of Finance approval for issuance of bonds
summary
Introduced
01/29/2026
01/29/2026
In Committee
02/10/2026
02/10/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
State rural electrification authorities and electric membership corporations; removes requirement for Department of Finance approval for issuance of bonds
AI Summary
This bill amends existing law to remove the requirement for state rural electrification authorities and electric membership corporations, which are organizations that provide electricity to rural areas, to obtain approval from the Department of Finance before issuing bonds or other debt. Previously, these entities, along with other authorities like those for highway bridges or power districts, needed written approval from the Director of Finance after a public hearing and a filed petition detailing their plans and how the bond proceeds would be used, with the Finance Department needing to find that the issuance served a public need and was in the public interest. This change aims to streamline the process for these specific rural electricity providers.
Committee Categories
Business and Industry, Government Affairs
Sponsors (17)
Jeff Sorrells (R)*,
Heath Allbright (R),
Chip Brown (R),
Steve Clouse (R),
Matthew Hammett (R),
Steve Hurst (R),
Paul Lee (R),
Craig Lipscomb (R),
Rhett Marques (R),
Ed Oliver (R),
Marcus Paramore (R),
Rick Rehm (R),
Chad Robertson (R),
David Standridge (R),
Shane Stringer (R),
Bubba Underwood (R),
Andy Whitt (R),
Last Action
Senate Fiscal Responsibility and Economic Development Hearing (15:00:00 2/18/2026 Finance and Taxation) (on 02/18/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://alison.legislature.state.al.us/bill-search |
| Fiscal Note - Passed First Chamber | https://alison.legislature.state.al.us/files/pdf/SearchableInstruments/2026RS/FiscalNotes/FN-6YSYIZ1-2.pdf |
| Fiscal Note - Introduced | https://alison.legislature.state.al.us/files/pdf/SearchableInstruments/2026RS/FiscalNotes/FN-6YSYIZ1-1.pdf |
| BillText | https://alison.legislature.state.al.us/files/pdf/SearchableInstruments/2026RS/HB343-int.pdf |
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