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Last updated 5:48AM ET
February 25, 2021
Alabama
Alabama
House Committee Approves Incentives Amendment
(2007-02-27)
(APR - Alabama Public Radio ) - A House committee has approved a proposed constitutional amendment to raise by 400 million dollars the amount the state can borrow to offer incentives to lure new industry.

State Finance Director Jim Main says the extra borrowing power is needed to pay incentives to German steelmaker ThyssenKrupp. The company is considering locating a two point nine billion (B) dollar steel-making plant in Alabama about 25 miles north of Mobile or between New Orleans and Baton Rouge in Louisiana.


Main told the House General Fund Appropriations Committee the extra borrowing power could also help lure as many as 30 new businesses to the state. Those include an engine plant that would employ 500 to 1,000 people in the Montgomery area and a railroad car plant that would hire 1,500 in the Shoals area of northwest Alabama.


The General Fund committee voted unanimously in favor of extending the state's borrowing power.


The House Education Appropriations Committee approved a proposed amendment creating two trusts to insure that there will be enough money in future years to pay retirement benefits for retired state employees and teachers.

The committee votes came on the second day of a special session called by Governor Riley.

(Copyright 2007 by The Associated Press. All Rights Reserved.)
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