FISCAL NOTE

House Bill 573 as passed the House of Representatives would implement the provisions of the constitutional amendment proposed by House Bill 565 of the 2021 Regular Session, which, if ratified, would allow the Alabama State Parks Enhancement Authority, created by this constitutional amendment, 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 system under the jurisdiction of the Department of Conservation and Natural Resources (DCNR), and up to $5 million in general obligation bonds to be used for public historical sites and public historical parks under the jurisdiction of the Alabama Historical Commission (AHC). Further, this bill would provide that bond proceeds in excess of $85 million would be allocated to the Alabama Forestry Commission for the capital improvement, renovation, equipping, acquisition, provision, construction, and maintenance of state forests.

This bill would provide for the debt service payments from the State General Fund for these bonds. If ratified, the corresponding constitutional amendment would increase State General Fund debt service by an estimated $6 million annually over a 20-year period beginning with fiscal year 2023.

This bill also provides for the administration of the issuance and refunding of these bonds; creates the Alabama State Parks Enhancement Fund to receive the bond proceeds and investment income; requires property acquired by the authority to be conveyed to DCNR and AHC; and provides for the dissolution of the authority.

This bill also allows the authority to acquire real or personal property, employ professional staff, enter into contracts, and transfer funds to DCNR or AHC to carry out the business of the authority.