SB504 Alabama 2012 Session

Relating to the City of Madison; to approve a proposed increase in the maximum rate of that certain ad valorem tax (the "General Purpose Tax”) that is now authorized to be levied, and that is now being levied, in the City, for general municipal purposes and without express limit as to time, pursuant to applicable provisions of the general laws of the State of Alabama and Section 216 of the Constitution of Alabama of 1901, as amended, from one and eight-tenths per centum [1.8 percent, equivalent to eighteen (18) mills] to two and fourth-tenths per centum [2.4 percent, equivalent to twenty-four (24) mills] of the assessed value of taxable property in the City, in accordance with subsection (f) of Section 217 of the Constitution, as amended by Amendment No. 373 thereto; to provide that the proposed increase shall become effective only upon the approval thereof, subsequent to the enactment of this Act, by a majority of the qualified electors of the City who vote on the proposal at a special election held in accordance during any regular scheduled election; to provide that the governing body of the City may, in its discretion, make the proposed increase effective beginning with the levy for the tax year of the City beginning on October 1, 2012, for which the municipal ad valorem taxes shall become due and payable on October 1, 2012, or any tax year of the City thereafter; and to provide for the use and expenditure of revenues derived by the City from the proposed increase rate of taxation.