SB499 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 to pay for park improvements costs, with bonds payable solely from pledged state tax revenues and park operating revenues.

• Pledged revenues include portions of state sales and use tax and state tobacco tax allocable to the Department of Conservation and Natural Resources, plus revenues from operation of park improvements financed by bond proceeds.

• Bonds and bond income are exempt from state taxation; authority has no power to mortgage or encumber real property; allows refunding bonds and various forms of credit enhancement.

• Amends Section 9-14E-9 of Alabama Code to allow casualty insurance proceeds and bond proceeds to fund project construction costs in addition to existing funding sources.