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Debt Management


The Division of Debt Management maintains the accounting for eight authorities.

IRMA Notice

State Debt

For your convenience, the State Debt form above is in Adobe Portable Document Format (PDF). If you do not have the free Adobe Acrobat Reader application, please click on the "Adobe Reader" icon below.

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Types of Bonds

General Obligation Bonds – Pledge the full faith and credit of the State of Alabama, and are payable from taxes and other general revenues sources. General Obligation Bond issues are authorized by Constitutional Amendments.

Revenue Bonds or Special Revenue Bonds – As used by the State of Alabama are limited obligations that are generally issued by public corporations of the State that are established by Acts of the Alabama Legislature. Specific revenues are pledged for the payment of principle and interest.

Advance Refunding Bonds – Issued to retire an outstanding bond issue, or portion thereof. A portion of the proceeds from the sale of the advance refunding is deposited with an escrow agent pursuant to an escrow trust agreement and is invested in certain United States Treasury Obligations in such amounts with certain maturities to provide sufficient funds to pay the remaining principal and interest on the refunded bonds as they become due. The refunded bond debt is considered to be retired for financial reporting purposes, even though the debt is still legally outstanding and the issuer of the bonds has not been released from the debt obligation. Retirement of debt in this manner is commonly referred to as "in-substance defeasance".

Capital Appreciation Bonds - are bonds that are sold at a substantial discount and do not pay any interest until the bonds mature. Based on the original offering price, the bonds accrete (increase) in value as semi-annual interest earned is compounded from the original issuance date to the date of maturity.

Grant Anticipation Bonds – pledges the receipts of a particular grant for the payment of principle and interest on the bonds.




View Allocations:


GO Zone Approved Tax Exempt Bonds Financing; Additional Advanced Refunding Updated 8/20/2008
Gulf Opportunity Zone Approved Tax Exempt Bonds Financing Updated 5/13/2009
Gulf Opportunity Zone Additional Advanced Refunding Updated 5/13/2009
Gulf Opportunity Zone Approved Tax Exempt Bonds Financing and
Additional Advanced Refunding
Updated 6/21/2010



Debt Management Main Address:

Alabama Department of Finance
Division of Debt Management
100 N. Union Street - Room 224
Montgomery, Alabama 36130-2617
(334) 353-3328
(334) 353-3466 fax number


Pat Haigler State Debt Manager (334) 353-3328 patricia.haigler@finance.alabama.gov



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