SB17 Summary

• Amends Section 45-28-220.03 of the Alabama Code to restructure the Etowah County Mega Sports Complex Authority membership, with terms for legislative delegates from House Districts 28, 29, 30 and Senate District 10 expiring on staggered dates between November 2022 and November 2025.

• Adds the President of the Etowah County Chamber of Commerce, the Director of the Etowah County Tourism Board, three members appointed by the Chamber of Commerce Director, and one member appointed by the City of Rainbow City to the authority's composition.

• Requires all T.V.A. in-lieu-of-taxes payments retained by Etowah County and not transferred to the City of Sardis be distributed to the authority for financing and operation of a mega sports complex.

• Mandates any additional funds from state or county tax revenue first be applied toward payment of existing debts; after all debts existing as of October 1, 2021 are paid, remaining revenues shall be held in the county treasury pending unanimous legislative delegation consent.

• Requires comprehensive financial audits to be performed immediately after the act's effective date, annually for two years, then every two years thereafter, conducted by a licensed independent certified public accountant selected from three firms nominated by the City of Rainbow City.