Alabama Department of Economic and Community Affairs, authorized to provide low-interest financing under certain circumstances, constitutional amendment

This bill proposes a constitutional amendment to allow the Alabama Department of Economic and Community Affairs to provide low-interest loans to chemical and energy production facilities operating in the state. The change would override the current constitutional prohibition against the state lending money to individuals, associations, or corporations. If approved by voters, the amendment would enable the department to offer financing under the State Energy Supply and Chemical Trade Stabilization Act. The bill requires a statewide election where voters would decide whether to adopt this change to the state constitution.