SB499 Alabama 2015 Session

Summary

Primary Sponsor

Jimmy Holley

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

The bill would create the Gulf State Park Improvements Financing Authority to issue up to $50 million in bonds for Gulf State Park improvements, with repayment tied to specific state tax revenues and park revenues, and would adjust related law to support these financing steps.

What This Bill Does

It authorizes the incorporation of the Gulf State Park Improvements Financing Authority and allows it to issue up to $50 million in bonds to fund capital improvements at Gulf State Park in Baldwin County. The bonds would be payable only from pledged revenues, including a portion of the state sales/use tax and the state tax on tobacco products allocated to the Department of Conservation and Natural Resources, plus revenues from the operation of the park improvements. The bill also allows refunding bonds, provides tax exemptions for the bonds, and amends the law to treat casualty insurance proceeds and bond proceeds as funds to pay project costs; it also sets governance and administrative rules for the authority.

Who It Affects

• Alabama taxpayers and state finances, because the bonds would be paid from pledged state tax revenues, potentially affecting how those revenues are used and the state’s debt profile.
• Gulf State Park, Baldwin County residents, and park users, who would benefit from capital improvements funded by the bond proceeds and regulated revenues from park operations.

Key Provisions

• Authorization to incorporate the Gulf State Park Improvements Financing Authority and to issue bonds up to $50,000,000 for park improvements at Gulf State Park (Baldwin County).
• Bonds would be payable solely out of pledged revenues, including the portion of state sales and use taxes and tobacco taxes allocable to the Department of Conservation and Natural Resources, plus park improvements revenues from operations.
• Tax exemption: the bonds and their income would be exempt from Alabama taxation; bonds are not state general obligations.
• Refunding bonds allowed to refinance principal, interest, premiums, and related costs for previously issued bonds.
• Amendment to Section 9-14E-9 to make casualty insurance proceeds and bond proceeds a source of funds to pay project costs.
• Governance and powers: a three-member authority (Governor as president, Department of Conservation and Natural Resources Commissioner as vice president, Director of Finance as secretary) with the State Treasurer as registrar/transfer agent/payee; authority to hire staff, enter project agreements, pledge revenues, and issue bonds; prohibition on mortgaging real property as collateral.
• Administration and proceeds: proceeds must be deposited in the State Treasury, invested as directed, and used for park improvements, reserve funds, issuance costs, debt service, and related expenses.

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