HB626 Alabama 2010 Session

Summary

Primary Sponsor

Henry A. White

Democrat

Co-Sponsors

Mac McCutcheonMicky Hammon

Session

Regular Session 2010

Title

Limestone Co., county commission, sales and use tax, use of proceeds to refinance bonds, authorized, Act 2001-557, 2001 Reg. Sess. am'd.

Summary

HB626 lets Limestone County use the county’s sales and use tax revenues to pay refinanced debt for public buildings, and the tax ends when the debt is fully paid.

What This Bill Does

The bill amends Act 2001-557 to authorize the Limestone County Commission to apply tax revenues to payment of bonds and other debt issued to finance public buildings. Revenues and remittances are to be placed in designated accounts and used only to pay and retire those debts, including any refunding bonds. Payments will be made from these tax revenues as soon as funds are available and allowed by the debt agreements, and the tax collection ends once the debt is fully paid. It becomes effective immediately after passage and governor approval.

Who It Affects

• Limestone County residents and businesses who pay the county’s sales and use tax, since the tax revenues are used to pay off the county debt rather than funding other programs.
• Bondholders and other creditors holding Limestone County debt (bonds, warrants, and refunding bonds) who will be paid from the designated tax revenues.

Key Provisions

• Authorizes Limestone County Commission to apply taxes authorized by Act 2001-557 to payment of refinanced debt.
• Directs that revenue/remittances from the tax be deposited into designated accounts and used solely to pay and retire bonds, warrants, or other debt instruments financing public buildings described in the act and related refunding debt.
• Requires payments to be made from tax receipts as funds become available and in compliance with bond indentures/resolutions; taxes end when the debt is fully paid.
• States that the act becomes effective immediately following passage and governor approval.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Limestone County