The state Legislature earlier this spring passed a bill strengthening bond issuance disclosure requirements for Alabama counties as a result of the financial troubles in Jefferson County.
Gov. Bob Riley in late March signed SB 393 requiring all Alabama counties to file a “bond financing review form” with state auditors. County officials must acknowledge that they considered relevant factors important to the decision of entering into bonded indebtedness, including derivatives, and they must disclose the fees paid, according to the bills. The forms would be available for public review.