HB19 Alabama 2015 1st Special Session

Summary

Primary Sponsor

Steve McMillan

Republican

Session

First Special Session 2015

Title

State parks, Gulf State Park Improvements Financing Authority, incorporation, issuance of bonds for capital improvements assignment of certain sales and use tax, revenue allocated to Conservationa nd Natural Resources Dept., Sec 9-14E-9 am'd.

Summary

HB19 would create a Gulf State Park Improvements Financing Authority to issue bonds up to $50 million to finance capital improvements at Gulf State Park, repaid from designated tax and park revenues.

What This Bill Does

It creates the Gulf State Park Improvements Financing Authority and allows it to issue up to $50 million in bonds to fund park improvements in Baldwin County. The bonds would be paid solely from pledged revenues, including a portion of the state sales tax and tobacco tax allocated to the Department of Conservation and Natural Resources and revenues from park operations. The act provides tax exemptions for the bonds and authorizes refunding bonds; it also amends a law to treat casualty insurance proceeds and bond proceeds as funds to pay park costs. The authority would be governed by the Governor, the DCNR Commissioner, and the Director of Finance, with the State Treasurer handling certain bond-related duties.

Who It Affects

• Alabama taxpayers and consumers: a portion of the state sales and use tax and the state tobacco tax allocated to DCNR would be pledged to bond debt for Gulf State Park improvements, potentially affecting other uses of those revenues.
• Gulf State Park users, Baldwin County residents, and DCNR: capital improvements at Gulf State Park would be funded and completed, and park operation revenues would be used to service the debt; the project would be managed by a new authority with specific governance.

Key Provisions

• Creates the Gulf State Park Improvements Financing Authority and sets its governing structure: Governor as president, DCNR Commissioner as vice president, and Director of Finance as secretary; State Treasurer acts as registrar and paying agent.
• Authorizes the Authority to issue up to $50,000,000 in bonds to pay for park improvements at Gulf State Park in Baldwin County, including projects authorized under Chapter 14E of Title 9.
• Bonds are payable solely from pledged revenues, which include (a) the portion of the state sales and use tax allocable to DCNR and (b) the state tax on tobacco products allocable to DCNR, plus park improvement operation revenues as determined by the Authority.
• Bonds and bond income are exempt from Alabama state taxation; purchases at Gulf State Park are not exempt from sales taxes; lodging taxes generally remain unchanged.
• Refunding bonds are allowed to refinance existing bonds, with the Authority determining terms and using proceeds for related costs.
• Amends Section 9-14E-9 to include casualty insurance proceeds and bond proceeds as sources of funds to pay park costs; clarifies funds for park projects.
• Proceeds of bonds may be used to pay park improvement costs, fund reserve funds, pay issuance costs, and cover debt service (including capitalized interest) and other related expenses.
• Prohibits mortgaging or encumbering real property as collateral for the bonds; bonds are not state general obligations and are secured only by pledged revenues.
• Allows dissolution of the Authority if no bonds are outstanding, with title to property vesting in DCNR at dissolution.
• Requires coordination with state departments, allows hiring of staff and professionals, and permits various securities and credit enhancements as needed to issue and manage the bonds.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Gulf State Park