SB459 Alabama 2010 Session

Updated Feb 27, 2026

Low Interest

Summary

Primary Sponsor: Arthur OrrSenator
Republican
Co-Sponsor: Tom Butler
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: SB459 lets Limestone County use the sales and use tax proceeds to pay refinancing debt for public buildings, with funds dedicated to debt service and the taxes ending when the debt is fully paid.
What This Bill Does
It amends Act 2001-557 to require tax revenues from Limestone County to be deposited into designated accounts and used solely to pay and retire the bonds, warrants, or other debt issued to finance public buildings and any related refunding debt. Debt service will be paid from these revenues as funds become available and as permitted by the bond documents. Taxes imposed under this act terminate when the bonds and related debt are paid in full. The act becomes effective immediately after passage and approval by the Governor.

Who It Affects
Limestone County government (the County Commission) and the county's residents who pay the sales and use tax — the county can apply the tax revenues to debt service, with the tax continuing until the debt is fully paid and then terminating.
Bondholders and other creditors holding Limestone County debt instruments (bonds, warrants, and any refunding debt) — debt service will be funded from the tax revenues as soon as funds are available and legally permissible.

Key Provisions
Revenue from the Limestone County sales and use tax shall be deposited into designated accounts and used solely to pay and retire the bonds, warrants, and other debt issued to finance the public buildings referred to in the act, including related refunding debt.
Debt service shall be paid from tax revenues as soon as funds are available and permitted by the indentures or resolutions governing the debt.
All taxes imposed under this act shall terminate upon full payment of the bonds, warrants, and other debt instruments (including refunding debt).
The act becomes effective immediately after passage and approval by the Governor.

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