HB520 Summary

• Amends the Etowah County Mega Sports Complex Authority to reconstitute membership with representatives from House Districts 28, 29, and 30, Senate District 10, the Etowah County Chamber of Commerce President, three Chamber-appointed members, the Etowah County Tourism Board Director, and one City of Rainbow City appointee.

• Requires authority members to attend at least quarterly meetings with minutes posted online within 30 days; members missing three consecutive meetings or more than half of annual meetings shall be removed.

• Distributes all T.V.A. in-lieu-of-taxes payments retained by Etowah County and lodging tax proceeds from the county to the Mega Sports Complex Authority for financing and operations.

• Directs any additional state or county tax revenue to be applied first toward payment of existing debts, with all remaining revenues held in county treasury pending unanimous legislative delegation approval after debt elimination.

• Mandates comprehensive financial audits by a licensed independent certified public accountant immediately upon the act's effective date, annually for two years, and every two years thereafter, with copies submitted to the Department of Examiners of Public Accounts within 30 days.