AL SB239

Amends Section 45-39-92.52 of the Alabama Code to require that all proceeds from the excise tax on gasoline and motor fuel in Lauderdale County be used to pay off securities for the Shoals Economic Development Project.

Specifies that expenditures from the special fund must be exclusively used for construction, improvement, and maintenance of highways, roads, streets, bridges, water, sewer, electric, and gas services related to the project, as well as real property acquisition and development costs.

Allows the Lauderdale County Commission to specifically pledge tax proceeds to payment of principal and interest on securities issued by the county or a local public corporation for the project.

Permits tax proceeds to be deposited directly with the paying agent or trustee of the securities by the county or State Department of Revenue.

Prohibits any expenditure of funds from the special fund or securities proceeds for the Florence River Heritage Trail.

Becomes effective on the first day of the third month following passage and Governor approval.