Bedford: Special session was 'positive, productive'

By Staff
Mike Self, Franklin County Times
The Alabama Legislature wrapped up its special session Friday by approving a $400 million industrial incentive package designed to lure a German steel mill and other major industries to the state.
A 29-0 vote by the Senate completed work on the incentive package, which received a unanimous vote at each step in the special session.
"I think it was a very positive and productive session," senator Roger Bedford of Russellville said. "We sent a clear message to Alabama and to all of America that we are united in our quest to attract and develop economic opportunities."
The incentive package is a constitutional amendment that won't take effect unless approved by Alabama voters in a statewide referendum June 5. State officials predict public support will match the legislative support.
"The economic growth plan is absolutely essential if Alabama is going to continue competing for new jobs," Gov. Bob Riley said.
The governor called the Legislature into special session Monday to help Alabama compete with Louisiana for a $2.9 billion steel mill planned by German steelmaker ThyssenKrupp AG and to provide money to attract other industries.
The Louisiana Legislature approved a $300 million incentive package in December. Alabama's initial bond-issuing capacity was $350 million.
"We made two major changes to the original bill," Bedford said. "First, we made sure that this process will be subject to the competitive bid law. We also urged officials that when they hire lawyers and bankers and other personnel for this project, that those hires reflect the racial diversity of Alabama."
Under the incentive legislation, the governor can issue up to $400 million in bonds that will be paid off with royalties from natural gas wells drilled in state-owned waters along the Alabama coast. The repayments will not come out of regular state tax collections.
The Legislature completed its special session in five days, which is the fastest a bill can win legislative approval.
The legislature will begin its regular session on Tuesday.