AL SB361

Amends Section 45-17-90.52 of the Alabama Code to require all proceeds from excise taxes on gasoline and motor fuel in Colbert County be used to pay off securities issued for the Shoals Economic Development Project.

Maintains existing permitted uses of tax proceeds for construction, improvement, and maintenance of public highways, roads, streets, bridges, water, sewer, electric, gas services, real property acquisition, and project administration related to the Shoals Economic Development Project.

Changes language from "may" to "shall" to mandate that all tax proceeds be specifically pledged by the Colbert County Commission to payment of principal, premium, and interest on securities for the project.

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

Prohibits expenditure of any special fund monies or security proceeds for any purpose on the Florence River Heritage Trail.

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