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Alabama General Obligation Bond Amendment, Amendment 2 (2012)

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Amendment 2
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Type:Constitutional amendment
Constitution:Alabama Constitution
Referred by:Alabama Legislature
Topic:Bond issues
Status:On the ballot
An Alabama General Obligation Bond Amendment, also known as Amendment 2 was on the November 6, 2012 ballot in the state of Alabama as a legislatively-referred constitutional amendment. The measure aims to allow the state to issue general obligation bonds of no more than $750 million. According to the text of the measure, the proposal was sent to the ballot during the 2012 state legislative session.[1]

Election results

See also: 2012 ballot measure election results

The following are unofficial election results:

Alabama Amendment 2
ResultVotesPercentage
Approveda Yes 784,044 69.34%
No346,63630.66%

32 out of 67 precincts reporting

Results via the Alabama Secretary of State's website.

Text of measure

The ballot language that voters will see reads as follows:[2]

This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.

Proposing an amendment to the Constitution of Alabama of 1901, as amended, to allow issuance by the State from time to time of general obligation bonds under the authority of Section 219.04 and Section 219.041 to the Constitution of Alabama of 1901, as amended, so long as the aggregate principal amount of all such general obligation bonds at any time outstanding is not in excess of $750 million. This amendment would replace the maximum aggregate principal limitations currently contained in said Sections 219.04 and 219.041. The proposed amendment would also allow issuance by the State of general obligation refunding bonds under the authority of Sections 219.04 and 219.041 to the Constitution of Alabama of 1901, as amended, subject to certain minimum savings thresholds and limitations of maximum average maturity. (Proposed by Act 2012-567)

Yes ( ) No ( )

Support

  • The main sponsor of the measure was State Representative Jay Love.[3]
  • Alabama Governor Robert Bentley has stated support for the measure.[4]
    • Bentley stated in a column published by the Birmingham News, "Passage of Amendment 2 will allow the state to provide financial incentives that will attract new companies while also helping existing companies expand and hire more Alabamians. Amendment 2 will help us accomplish this without raising taxes, without increasing the state's debt limit and without increasing the size of state government."[5]

Opposition

No opposition has been identified yet.

Media endorsements

  • The Birmingham News stated at the time of the measure's legislative approval, "This November's general election ballot will have at least one proposed constitutional amendment deserving of approval...The Legislature in the closing hours of its special session last week approved a proposed constitutional amendment that rewrites the rules for a state commission that can sell up to $750 million in bonds to help land big economic-development projects. The amendment would make a common-sense change that would help give the state money it needs to lure businesses and jobs to Alabama."[6]

Path to the ballot

Article XVIII of the Alabama Constitution says that it takes a three-fifths (60%) vote of the Alabama State Legislature to qualify an amendment for the ballot.

See also

External links

References

Clipboard48.png This statewide ballot measure article needs to be expanded.