SB176 Summary

• Amends Act 2007-339 to expand the jurisdiction of the Morgan County Industrial Park and Economic Development Cooperative District to include the entire county, rather than limiting it to the Interstate 65 Corridor.

• Modifies the definition of "District Jurisdiction" to encompass all land within Morgan County, Alabama, including areas within incorporated municipalities and unincorporated areas outside municipalities.

• Changes the definition of "Morgan County Industrial Parks" to apply throughout the entire District Jurisdiction instead of being restricted to the Interstate 65 Corridor area.

• Provides for the distribution of Tennessee Valley Authority (TVA) in-lieu-of-taxes payments to the District for payment of annual debt service on bonds and other obligations issued for industrial park development.

• Became effective immediately upon passage and approval by the Governor on March 17, 2015 (Senate) and April 2, 2015 (House).