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AL SB545
Bill
Status
3/11/2010
Primary Sponsor
Linda Coleman-Madison
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AI Summary
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Authorizes any county levying sales and use tax that is in default or facing imminent default on sewer system debt exceeding $3,000,000,000 to pledge sales and use tax revenues for sewer debt financing or refinancing on a one-time basis.
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Excludes any sales and use tax revenues already pledged to indigent health care from the pledge authority.
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Requires any existing school bond or warrant debt service obligations using the same sales and use tax levy to be financed or refinanced concurrently with sewer debt servicing.
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Authorizes counties to exercise this authority by majority vote resolution within six months of the effective date, with no future debt refunding permitted after the initial financing or refinancing.
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Becomes effective October 1, 2010, following passage and approval by the Governor.
Legislative Description
Counties, sales and use tax proceeds, county in default on sewer system debt authorized to pledge revenues for financing or refinancing sewer system debt on a one-time basis
Counties
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
3/11/2010