AL HB435

Amends Section 45-37-249.08 of the Code of Alabama 1975 to establish a prioritized distribution system for Jefferson County sales and use tax proceeds collected monthly after deductions for collection costs.

First priority directs necessary amounts to refunding school warrants for principal, premiums, interest, administration expenses, debt service reserves, and federal rebates.

Second priority allocates up to $36,300,000 per fiscal year to the county general fund for discretionary appropriation by the county commission.

Third priority deposits up to $18,000,000 per fiscal year into the 2015 Sales Tax Fund, distributed according to Section 45-37-249.09.

Fourth priority guarantees $3,600,000 per fiscal year to the Jefferson County Community Service Fund, with this amount continuing even after repayment of original bonds pledged for the proceeds.

Subsequent priorities allocate remaining proceeds up to $2,000,000 annually to Birmingham-Jefferson County Transit Authority (reducing to $1,000,000 after 10 years), $500,000 annually to Birmingham Zoo, Inc., with any additional surplus returning to the county general fund.

Act becomes effective on the first day of the third month following passage and gubernatorial approval.