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Last updated 6:13AM ET
February 28, 2021
Alabama
Alabama
State Sells Bonds to Help Industry
(2007-07-26)
(APR - Alabama Public Radio ) - State officials have made quick use of the extra borrowing authority that Alabama voters gave them last month.

Voters overwhelmingly approved a constitutional amendment that allowed state officials to sell 400 (m) million dollars in bonds to pay for industrial development projects.

Wednesday, the State Bonding Commission approved the sale of 305 (m) million in bonds.

That includes 220 (m) million to purchase land for the plant that German steelmaker ThyssenKrupp (Tissen-Krupp) plans near Mount Vernon in Mobile County.

There's also:

- 40 (m) million dollars to help a Canadian company, National Industries, build a rail car plan in Colbert County.

- 20 (m) million dollars to help Goodyear renovate its tire plant in Gadsden.

- 15 (m) million dollars for Hyundai to help build an engine plant in Montgomery.

- 10-point-3 million for 22 other smaller projects, with the largest being two-and-a-half (m) million dollars for the Andalusia-Opp Airport Authority to build hangars.

Merrill Lynch was the lowest bidder for the bonds. State officials plan to close on the bonds August 7th.

The state will pay off the bonds with proceeds from natural gas wells drilled in state-owned waters.

The state still has 95 (m) million dollars left in borrowing authority. State Finance Director Jim Main said 72 (m) million dollars will likely be used if E-A-D-S and Northrop Grumman win a federal contract build to Air Force refueling tankers in Mobile.

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