Committee: Finance and Taxation General FundSponsor: Scofield
Analyst: Vee MoselyDate: 04/07/2021

FISCAL NOTE

Senate Bill 362 as introduced proposes a constitutional amendment which, if ratified, would allow the Alabama State Parks Enhancement Authority to issue up to $80 million in general obligation bonds to be used for acquisition, construction, equipping, improvement, maintenance, provision, and renovation of Alabama state parks under the jurisdiction of the Department of Conservation and Natural Resources.

This constitutional amendment will increase debt service payments from the State General Fund by an estimated $5.5 million annually over a 20-year period beginning with fiscal year 2023.

In addition, this constitutional amendment will increase the proclamation expenses of the Governor, paid from the State General Fund, by an estimated $100,000 for the fiscal year ending September 30, 2022.

As amended and reported by the Committee on Finance and Taxation General Fund, further provides that if ratified, any bond proceeds in excess of $80,000,000, due to the receipt of original issue premium in connection with the sale of bonds or due to any other reason, plus expenses related to the issuance of the bonds shall be allocated to the Alabama Forestry Commission for capital improvements, renovation, equipping, acquisition, provision, construction, and maintenance of state forests.


 Greg Albritton, Chairperson
Finance and Taxation General Fund