Alabama Gov. Bob Riley Tuesday signed a bill placing strict requirements on Jefferson County’s issuance of debt and use of swaps. He said the law would “usher in a new era of transparency and accountability for Jefferson County.”
HB 613, which passed the Legislature unanimously, requires county commissioners to disclose individuals paid to assist in the purchase or swap of bonds and mandates that all interest-rate swaps be competitively bid. The new law also requires the commission to provide public notice of transactions and hold a public hearing before borrowing $5 million or more or entering a swap agreement.