FISCAL NOTE

House Bill 458 as amended and reported by the Committee on Fiscal Responsibility and Economic Development proposes a Constitutional Amendment, which if ratified, would specify that a county or municipality would be exempt from the provisions of Section 222 of the Constitution of Alabama of 1901 which prohibit the issuance of bonds by a county or municipality without authorization by the voters, unless issuing general obligation bonds establishing a requirement for repayment.

Further, this amendment could increase the proclamation expenses of the Governor, paid from the State General Fund, by an estimated $100,000 for fiscal year 2023.