SB329 Summary

• Amends the Etowah County Mega Sports Complex Authority to replace current members with representatives appointed by local legislative delegations (House Districts 28, 29, 30 and Senate District 10), the Etowah County Chamber of Commerce President, three additional Chamber-appointed members, the Etowah County Tourism Board Director, and one City of Rainbow City representative.

• Distributes all T.V.A. in-lieu-of-taxes payments retained by Etowah County and lodging tax proceeds (collected under Section 40-26-1) to the Mega Sports Complex Authority for financing and operating a sports complex.

• Directs any additional state or county tax revenues to first apply toward payment of existing authority debts; after full debt repayment, remaining revenues are held in county treasury pending unanimous consent of the legislative delegation.

• Requires a comprehensive financial audit immediately upon the bill's effective date, annually for two successive years, and every two years thereafter, with audits performed by independent certified public accountants chosen from a list nominated by the City of Rainbow City.

• Becomes effective October 1, 2022.