HB586 Alabama 2015 Session

Updated Feb 24, 2026

Summary

Primary Sponsor: Steve McMillan
Republican
Session: Regular Session 2015
Title: State parks, Gulf State Park Financing Authority, incorporation, issuance of bonds not exceeding $50 million, use of proceeds, repayment, Sec 9-14E-9 am'd.
Summary: HB586 creates a Gulf State Park Improvements Financing Authority to issue up to $50 million in bonds for Gulf State Park improvements, payable from pledged revenues and tax exemptions, and amends a related law to include insurance proceeds as a funding source.
What This Bill Does
It authorizes the incorporation of the Gulf State Park Improvements Financing Authority and allows it to issue bonds up to $50,000,000 to fund capital improvements at Gulf State Park in Baldwin County. The bonds would be paid solely from pledged revenues, including certain state sales and use tax receipts allocable to the Department of Conservation and Natural Resources, the state tax on tobacco products, and revenues from the operation of the financed park improvements. The bill also provides tax-exempt status for the bonds and their income, authorizes refunding bonds, and amends 9-14E-9 so casualty insurance proceeds and bond proceeds can fund project costs; it includes a contingency that if NRDA/RESTORE Act funds are not received by the end of 2015, the act could be repealed on January 1, 2016.

Who It Affects
Gulf State Park Improvements Financing Authority and the park project: new entity created to finance and manage up to $50 million in bonds to fund capital improvements at Gulf State Park.
State of Alabama, including the Department of Conservation and Natural Resources and Alabama taxpayers: revenues designated to back the bonds would come from specific tax streams and park revenues, bonds are not state general obligations, and certain tax exemptions apply to the bonds and their income.

Key Provisions
Authorize the incorporation of the Gulf State Park Improvements Financing Authority.
Authorize the authority to issue up to $50,000,000 in bonds to fund park improvements in Gulf State Park, Baldwin County.
Bonds payable solely from pledged revenues, including (i) designated state sales and use tax allocations to the DCNR and (ii) the state tax on tobacco products, plus revenues from the operation of financed park improvements.
Bonds and their income are exempt from Alabama state taxation; lodging taxes are not exempt.
Authorize refunding bonds to refinance existing debt and related costs.
Amend Section 9-14E-9 to treat casualty insurance proceeds and bond proceeds as sources of funds to pay park project costs.
Provide governance and powers for the authority (including ability to issue bonds, secure revenues, accept aid, and contract for services), with a contingency that if NRDA/RESTORE Act funds are not received by 12/31/2015, the act could be repealed on 1/1/2016.

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