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SB 3275

Madison County; increase the amount of bonds that may be issued for the Madison County Economic Development Authority.

2025 Regular Session Introduced by Briggs Hopson and 3 co-sponsors

Raises the Madison County EDA's bond cap to finance more development projects, boosting local investment and jobs while expanding potential county debt.

Approved by Governor
#finance #localandprivate #localandprivatelegislation
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Bill Summary · SB 3275

Summary — SB 3275 (Madison County): Increase bond authorization for Madison County Economic Development Authority

Status: Approved by Governor (Approved 2025-04-10)
Introduced: March 17, 2025
Classification: Local and Private / Finance bill
Primary sponsor: Michel; cosponsors: Thomas, Horhn, Hopson

Purpose and intent

SB 3275 amends local law governing the Madison County Economic Development Authority (EDA) to increase the maximum amount of bonds that the Authority may issue. The bill’s intent is to expand the EDA’s borrowing capacity so it can finance additional economic development projects in Madison County (e.g., land acquisition, infrastructure, industrial or business facilities).

Key provisions

  • Raises the statutory cap on the principal amount of bonds that the Madison County Economic Development Authority is authorized to issue.
  • Continues to authorize the EDA to issue bonds under the procedures and limitations set out in existing law for local development authorities (specific issuance procedures, security, and repayment terms remain governed by the enabling statute and the Authority’s resolutions).
  • The bill is local/private in scope and applies only to the Madison County EDA.

Note: The copy of the bill provided here does not include the exact numerical increase (new dollar cap). Review of the enrolled bill text is recommended to confirm the specific amount, any sunset dates, security/pledge language, and other technical terms.

Who is affected

  • Madison County Economic Development Authority — gains greater capacity to finance projects.
  • Local businesses and prospective employers — may benefit from increased investment, site development, or incentives financed through the EDA’s bonds.
  • Madison County residents and taxpayers — may experience indirect benefits from job creation and infrastructure improvements; potential fiscal exposure depends on whether bonds are issued as revenue/conduit bonds or backed by county general obligations (bill does not indicate a change in county liability rules).

Fiscal and policy implications

  • Increased ability to issue bonds can accelerate development projects and economic activity.
  • Potential for increased long‑term indebtedness tied to projects financed; the fiscal impact depends on bond security and repayment sources.
  • Credit, interest costs, and any contingent liabilities should be evaluated prior to major bond issues.

Legislative and procedural timeline

  • Referred to Local and Private; Finance: 2025-03-17
  • Passed Senate and transmitted to House: 2025-03-26 (Immediate Release same day)
  • House passage and enrolling actions: Passed 2025-04-01; enrolled bill signed 2025-04-07
  • Approved by Governor: 2025-04-10

For precise legal language, the authorized bond amount, and any technical provisions (security, maturities, tax status, reporting), consult the enrolled bill text or the official state legislative bill file.

Compiled from official sources — confirm details with the bill’s official record.

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