HB745 Alabama 2012 Session

This bill, in addition to such authorization as may be currently provided by law, would authorize the governing body of each county currently seeking or that may seek relief under Chapter 9 of the United States Bankruptcy Code, and in respect of whose petition an Order for Relief is entered pursuant thereto, to levy and collect various taxes, including sales, use, leasing, privilege license, and excise taxes, subject to certain limitations and restrictions

This bill would require the governing body of such county to hold a public hearing regarding the levy of any additional tax allowed by this act, prior to the levy and collection of the additional tax

This bill would provide that any tax authorized by this act may not be levied and collected if the estimated revenues from the tax for the first full fiscal year exceed, when added to all other additional taxes, 20 percent of the largest annual amount of the county expenditures reflected in the budgets of the county adopted in September of each year for the five fiscal years of the county immediately preceding the filing of its petition for relief under the United States Bankruptcy Code

This bill would provide for the establishment, membership, appointment, qualifications, and responsibilities of a financial advisory committee for any county levying any additional tax as authorized by this act

This bill would provide for the termination of the authority to provide for the initiation of the levy and collection of the additional taxes authorized by this act

To authorize, in addition to such authorization therefor as may be currently provided by law, the governing body of any county in the State that is currently seeking or that may hereafter seek relief under Chapter 9 of the United States Bankruptcy Code, and in respect of whose petition therefor an order for relief is entered under said Code, to provide for and to levy and collect various described taxes, including sales, use, leasing, privilege license and excise taxes, subject to certain limitations and restrictions and for such period or periods of time as herein described; to authorize the adoption by said governing bodies of such ordinances, resolutions and regulations as may be necessary or convenient to provide for the levy and collection of any such additional taxes; to require that a public hearing be held by said governing bodies prior to the levy and collection of the same, and to make provision for public notice thereof; to provide that any additional tax authorized may not be levied and collected unless the estimated revenues from the same for the first full fiscal year shall not exceed, when added to all such other additional taxes, twenty percent of the largest annual amount of the county's expenditure budgets adopted in September of each year for the five fiscal years of the county immediately preceding the filing of its petition for relief under the United States Bankruptcy Code; to provide other limitations on the rate or rates of such taxes; to provide for the establishment, membership, appointment, qualifications and responsibilities of a financial advisory committee for any county levying any additional tax as herein authorized and to provide for the dissolution of such committee upon the earlier of dismissal of the county from bankruptcy or confirmation of a plan of adjustment with respect to such county; to restrict the use of the proceeds of any additional taxes levied pursuant to the authority herein contained; to provide for the termination of the authority to provide for the initiation of the levy and collection of the additional taxes authorized hereby; to provide that in the event any such additional taxes are levied and collected and the authority to provide for initiation of the levy and collection thereof shall terminate upon certain events, including vacation of the order for relief in favor of the county or confirmation of the county's plan for the adjustment of its debts under the United States Bankruptcy Code, such county shall be authorized to continue the levy and collection of such taxes and shall not be obligated to refund or repay any amounts so collected prior to such termination to any person or persons whatever; to provide that the provisions of the act are severable; and to provide for an effective date.