HB586 Summary

• Authorizes incorporation of the Gulf State Park Improvements Financing Authority as a public corporation to finance capital improvements at Gulf State Park in Baldwin County, Alabama.

• Authorizes the authority to issue bonds up to $50,000,000 in aggregate principal amount, payable solely from pledged revenues including state sales and use tax and tobacco tax allocations to the Department of Conservation and Natural Resources, plus park operation revenues.

• Bonds and their income are exempt from state taxation; authority may issue refunding bonds to refinance outstanding debt and may sell bonds through public or negotiated sale.

• Amends Section 9-14E-9 of the Code of Alabama 1975 to authorize casualty insurance proceeds and bond proceeds as funding sources for project construction and equipment costs.

• Authority members consist of the Governor (president), the Conservation and Natural Resources Commissioner (vice president), and the Director of Finance (secretary); authority dissolves when all bonds are paid off.