HB534 Summary

• Amends Section 45-39-92.53 of the Alabama Code to redirect gasoline and motor fuel excise tax proceeds in Lauderdale County after the Shoals Economic Development Project securities are fully paid.

• Upon abolishment of the Shoals Economic Development Authority's Local Public Corporation, tax proceeds shall be paid to the agriculture authority established in Lauderdale County for use as a pledge for approved loans.

• Requires a majority voter approval election in Lauderdale County to continue the excise tax after original securities are paid in full, held in conjunction with the next regularly scheduled state election.

• Prohibits the Local Public Corporation from increasing outstanding debt or creating additional debts relating to the original bond balance owed as of May 12, 2005.

• Prevents termination of the tax by the county if any outstanding loan is payable from or secured by revenues or proceeds from the tax.