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.

Description

This bill would authorize the incorporation of the Gulf State Park Improvements Financing Authority.

This bill would authorize the authority to sell and issue from time to time its bonds not exceeding fifty million dollars ($50,000,000) in aggregate principal amount for the purpose of providing the funds necessary to construct and equip capital improvements at Gulf State Park in Baldwin County, Alabama, including capital improvements authorized by the provisions of Chapter 14E of Title 9 of the Code of Alabama, 1975.

This bill would provide that the bonds issued by the authority pursuant to this act would be payable solely out of and secured by a pledge and assignment of certain designated revenues, including (i) certain tax revenues allocable to the Department of Conservation and Natural Resources from the state sales and use tax and the state tax on tobacco products and (ii) such revenues derived from the operation of the park improvements financed with proceeds of the bonds as the authority may determine.

This bill would provide for the details of the bonds and for the terms of the sale thereof.

This bill would provide that the bonds and the income therefrom shall be exempt from taxation in this state.

This bill would authorize the issuance by the authority of refunding bonds for the purpose of refunding the principal of and interest on any then outstanding bonds theretofore issued by the authority and the expenses of the refunding and any premiums necessary to retire those so refunded.

This bill would amend Section 9-14E-9 of the Code of Alabama 1975 to provide that casualty insurance proceeds respecting damage to the project authorized therein and proceeds of bonds issued by the authority would constitute a source of funds to pay a portion of the costs of constructing and equipping the project authorized therein.

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Subjects

Gulf State Park