SB15 Alabama 2015 1st Special Session

Summary

Primary Sponsor

Trip Pittman

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

SB15 would create the Gulf State Park Improvements Financing Authority to fund Gulf State Park capital improvements by issuing up to $50 million in bonds secured by designated state tax revenues and park-derived revenues.

What This Bill Does

It would authorize the incorporation of the Gulf State Park Improvements Financing Authority and allow it to issue up to $50 million in bonds to pay for capital improvements at Gulf State Park. The bonds would be payable solely from pledged revenues, including a portion of the state sales and use tax allocated to the Department of Conservation and Natural Resources and the state tax on tobacco products, plus revenues from the operation of the park improvements financed with bond proceeds. The bill also allows refunding bonds, makes the bonds and income exempt from Alabama taxes, and amends §9-14E-9 to treat casualty insurance proceeds as a fund source for project costs.

Who It Affects

• Gulf State Park Improvements Financing Authority and the Department of Conservation and Natural Resources – they would establish, manage, and use the financing to fund park capital improvements and pledge designated revenues to back the bonds.
• Alabama taxpayers/state finances – the debt service for the bonds would be paid from pledged revenues (certain tax revenues and park revenues) rather than general state funds, affecting how some tax dollars are allocated and used.

Key Provisions

• Authorizes the incorporation of the Gulf State Park Improvements Financing Authority.
• Authorizes the authority to issue bonds up to $50,000,000 in aggregate principal amount to fund park capital improvements at Gulf State Park.
• Bonds are payable solely from pledged revenues, including (i) a portion of the state sales and use tax allocable to DCNR and (ii) the state tax on tobacco products, plus park improvement operation revenues as pledged by the authority.
• Bonds and the income therefrom are exempt from state taxation; lodging taxes and certain other taxes remain applicable to park purchases.
• Authorizes refunding bonds to refinance existing bonds and related costs, with terms to be set by the authority.
• Amends Section 9-14E-9 to include casualty insurance proceeds and bond proceeds as sources of funds to pay park improvement costs.

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