Proposed Statewide Amendment Number 2

Alabama Ballot Measure - Statewide Amendment 2

Election: Nov. 6, 2012 (General)
Outcome: Passed

Yes: 1145034  (69.41%)
No: 504610  (30.59%)

Categories:

Summary

Proposing an amendment to the Constitution of Alabama of 1901, as amended, (i) to provide that the authority of the State to issue general obligation bonds pursuant to Amendment No. 666 to the Constitution of Alabama of 1901, as amended [Section 219.04], and Amendment No. 796 to the Constitution of Alabama of 1901, as amended [Section 219.041], shall not be subject to the aggregate principal amount limitations contained in said amendments; provided, that at no time shall the aggregate principal amount of general obligation bonds (including, without limitation, general obligation refunding bonds) issued pursuant to the provisions of said amendments be outstanding in excess of $750 million, and (ii) to allow the issuance by the State of general obligation refunding bonds under the authority of Amendment No. 666 to the Constitution of Alabama of 1901, as amended [Section 219.04], subject to certain minimum savings thresholds and limitations of maximum average maturity.

Measure Text

Proposing an amendment to the Constitution of Alabama of 1901, as amended, to allow issuance by the State from time to time of general obligation bonds under the authority of Section 219.04 and Section 219.041 to the Constitution of Alabama of 1901, as amended, so long as the aggregate principal amount of all such general obligation bonds at any time outstanding is not in excess of $750 million. This amendment would replace the maximum aggregate principal limitations currently contained in said Sections 219.04 and 219.041. The proposed amendment would also allow issuance by the State of general obligation refunding bonds under the authority of Sections 219.04 and 219.041 to the Constitution of Alabama of 1901, as amended, subject to certain minimum savings thresholds and limitations of maximum average maturity. (Proposed by
Act 2012-567)

Yes ( )
No ( )