AL HB626

Amends Act No. 2001-557 to authorize the Limestone County Commission to apply sales and use tax revenues to payment of refinanced debt in addition to original debt obligations.

Requires tax revenue and remittances to be deposited in designated accounts and used solely to pay and retire bonds, warrants, or other debt instruments issued to finance public buildings referenced in Section 2 and any refunding bonds or debt instruments relating thereto.

Permits debt payments from tax revenues as soon as funds are available and payments are legally permissible under bond, warrant, or debt instrument indentures or resolutions.

Specifies that all taxes imposed under the act shall terminate upon full payment of all bonds, warrants, or other debt instruments, including any refunding bonds or debt instruments.

Becomes effective immediately upon passage and approval by the Governor or upon otherwise becoming law.