I want to make a single database object available across many python modules.
For a related example, I create globl.py:
DOCS_ROOT=\"c:\\docs
You suspect wrongly. The code will only be executed once - subsequent imports just refer to the module via sys.modules, and don't re-run it.
(Note that this is the case as long as you always use the same path to import the module - if you do from globl import cursor in one place, and from my.fullyqualified.project.global import cursor in another, you probably will find the code is re-executed.)
Edit to add as S.Lott says in the comment, this is a perfectly good way to handle a global object.