SB545 Alabama 2010 Session

This bill would allow, on a one-time basis, any county levying any sales and use tax and is in default or imminent threat of default on its sewer system bonded debt exceeding $3,000,000,000 to pledge revenues of any sales and use tax levied by the county for the financing or refinancing of bonds and/or warrants for the sewer system debt

Relating to any county levying any sales and use tax, which is in default or imminent threat of default on its sewer system indebtedness, and whose indebtedness evidenced by bonds or warrants issued by said county, secured by such sewer system revenues, exceeds $3,000,000,000; to allow any such county, on a one-time basis, to pledge any county sales and use tax proceeds for the financing or refinancing of the county sewer system debt for a period of time.