State rural electrification authorities and electric membership corporations; removes requirement for Department of Finance approval for issuance of bonds

SB 208 removes a requirement that state rural electrification authorities and electric membership corporations must get written approval from Alabama's Department of Finance before issuing bonds. Currently, these entities must file a petition, hold a public hearing, and secure departmental consent before bond sales. The bill eliminates this approval process, streamlining how these organizations finance rural power infrastructure projects. This change directly affects rural utilities responsible for delivering electricity in underserved Alabama areas. The bill takes effect October 1, 2026.