Code of Alabama - Title 45: Local Laws - Section 45-41-244.59 - Use of proceeds

Section 45-41-244.59 - Use of proceeds.

(a) The entire proceeds derived by the county from the taxes herein authorized to be levied (including any income derived from the investment of such proceeds), subject to Section 45-41-244.60, shall be applied and used as follows:

(1) If no public building securities have been issued and are then outstanding and if the acquisition, construction, and equipment of the courthouse improvements and the justice center have not been completed, the entire proceeds shall be used for the purpose of paying costs of acquiring, constructing, and equipping the courthouse improvements or a justice center (including land acquisition costs), or both, or accumulated for subsequent use therefor;

(2) If no public building securities have been issued and are then outstanding and if the acquisition, construction, and equipment of the courthouse improvements and the justice center have been completed but the costs thereof have not been fully paid, the entire proceeds shall be used for the purpose of paying such costs;

(3) If any public building securities have been issued and are then outstanding but if the acquisition, construction, and equipment of the justice center have not been completed, the entire proceeds shall be used for payment of the principal of and the interest (and premium, if any) on such public building securities (or, if such public building securities were not issued by the county but rather by an agency or instrumentality of the county and are payable from revenues to be derived by such agency or instrumentality from the leasing of the courthouse complex or the justice center, or both, to the county, for payment of any rentals that may become due to such agency or instrumentality by the county);

(4) If any public building securities have been issued and are then outstanding and if the acquisition, construction, and equipment of the justice center have been completed, 80 percent of the proceeds shall be used for payment of the principal of and the interest (and premium, if any) on the public building securities (or, if such public building securities were not issued by the county but rather by an agency or instrumentality of the county and are payable from revenues to be derived by such agency or instrumentality from the leasing of the courthouse complex or the justice center, or both, to the county, for payment of any rentals that may become due to such agency or instrumentality by the county), and the remaining 20 percent of the proceeds shall be used for payment of the costs of operating and maintaining the justice center; and

(5) If any public building securities have been issued but none thereof are then outstanding and unpaid, the entire proceeds shall be used for payment of the costs of operating and maintaining the justice center.

(b) If at any time the county is required by this section to use all or a specified portion of the proceeds from the taxes herein authorized to be levied for the payment of debt service on public building securities (including rentals related thereto) and if at such time the county has paid or made full provision for the payment of all debt service maturing during the then current fiscal year with respect to the public building securities (including rentals related thereto), the county shall apply all or such specified portion of such tax proceeds received during the remainder of such fiscal year to prepayment of such public building securities (including any rentals required therefor), it being the intention of this subpart to provide for the retirement of such public building securities as promptly as practicable.

(Act 81-553, p. 921, §10; Act 82-473, p. 786, §2.)

Last modified: May 3, 2021