SB 239

Sponsor
Session
Regular Session 2018
Title
Lauderdale Co., gas tax proceeds required to pay off debt obligations for Shoals Economic Development Project, Sec. 45-39-92.52 am'd.
Description

Relating to Lauderdale County; to amend Section 45-39-92.52, Code of Alabama 1975; to require that all of the proceeds collected from the excise tax on gasoline and motor fuel be used to pay off securities for the funding of the Shoals Economic Development Project.

View Original PDF: SB 239 - Introduced - PDF

Relating to Lauderdale County; to amend Section 45-39-92.52, Code of Alabama 1975; to require that all of the proceeds collected from the excise tax on gasoline and motor fuel be used to pay off securities for the funding of the Shoals Economic Development Project.

Section 1

Section 45-39-92.52, Code of Alabama 1975, is amended to read as follows:

§45-39-92.52.

Expenditures from the special fund provided for in Section 45-39-92.51 shall be made exclusively for the purposes of (1) paying costs associated with the construction, improvement, and maintenance of public highways, roads, streets, bridges, and other facilities used for public travel to, or in conjunction with, the Shoals Economic Development Project, (2) paying costs associated with the construction, improvement, and maintenance of water, sewer, electric, gas, and other services related to the Shoals Economic Development Project, (3) paying costs associated with the acquisition of real property, including all easements and other rights or interests in land necessary or desirable, in conjunction with the Shoals Economic Development Project; (4) paying costs associated with the development, construction, or improvement of any real estate and structures located thereon constituting a part of the Shoals Economic Development Project; (5) paying any other costs associated with the development, construction financing, or improvement of the Shoals Economic Development Project; (6) paying principal of and interest on securities evidencing obligations incurred for payment of costs described in (1) to (5), inclusive, and (7) paying costs incurred in the administration and enforcement of this subpart for the Shoals Economic Development Project. All or any portion of the proceeds of the taxes herein authorized may shall be specifically pledged by the Lauderdale County Commission to the payment of principal of and interest on the securities authorized above, whether such securities are issued by the county or by a local public corporation. The pledge of the taxes herein authorized for the payment of the principal of and interest on securities issued by Lauderdale County or a local public corporation, together with any applicable covenants of the county and the local public corporation relating to such pledge, shall have the force of contract between the county, the local public corporation, and the holders of the securities. In the event that the Lauderdale County Commission elects to specifically pledge the tax proceeds to securities, the The proceeds of the taxes may be deposited by the county or the State Department of Revenue, if it the department is the collector of the taxes, directly with the paying agent or the trustee of the securities. Notwithstanding the foregoing provisions of this section, no monies from the special fund provided for in Section 45-39-92.51 and no proceeds of any securities shall be expended for any purpose on Florence River Heritage Trail."

Section 2

This act shall become effective on the first day of the third month following its passage and approval by the Governor, or its otherwise becoming law.

No articles found.
Action Date Chamber Action
February 20, 2018SAssigned Act No. 2018-142.
February 20, 2018HSignature Requested
February 20, 2018SEnrolled
February 20, 2018SPassed Second House
February 20, 2018HMotion to Read a Third Time and Pass adopted Roll Call 373
February 20, 2018HThird Reading Passed
February 15, 2018HRead for the second time and placed on the calendar
February 13, 2018HRead for the first time and referred to the House of Representatives committee on Local Legislation
February 13, 2018SMotion to Read a Third Time and Pass adopted Roll Call 364
February 13, 2018SThird Reading Passed
February 8, 2018SRead for the second time and placed on the calendar
January 30, 2018SRead for the first time and referred to the Senate committee on Local Legislation
2018-02-20
Chamber: House
Result: Failed
2018-02-13
Chamber: Senate
Result: Passed