AL SB459

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.

Tax revenues and remittances must be deposited in designated accounts and used solely to pay and retire bonds, warrants, or other debt instruments issued to finance public buildings, including refunding bonds and related debt instruments.

Debt instruments shall be paid from tax revenues as soon as funds are available and payments are legally permissible under bond indentures or resolutions.

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

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