SB176 By Senator Orr RFD Local Legislation Rd 1 10-MAR-15

A BILL TO BE ENTITLED AN ACT

Relating to Morgan County; to amend Sections 1 and 10 of Act 2007-339 of the 2007 Regular Session (Acts 2007, p. 595), as reenacted and amended by Act 2009-767 of the 2009 Regular Session (Acts 2009, p. 2347), providing for the distribution of certain payments made in lieu of taxes by the Tennessee Valley Authority; to further provide that the jurisdiction of the Morgan County Industrial Park and Economic Development Cooperative District for the purposes of economic development includes the entire county.

BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:

Section 1. Sections 1 and 10 of Act 2007-339 of the 2007 Regular Session (Acts 2007, p. 595), as reenacted and amended by Act 2009-767 of the 2009 Regular Session (Acts 2009, p. 2347), are amended to read as follows:

"Section 1. Definitions.

"The following words and phrases used in this act shall, unless the context clearly indicates otherwise, have the following respective meanings.

"Annual Debt Service" shall mean the aggregate amount of principal maturing (or required to be redeemed), and interest accrued, with respect to the Obligations during a Bond Year.

"Authority" shall mean Decatur-Morgan County Port Authority, a public corporation and instrumentality organized under the provisions of Chapter 94 of Title 11 of the Code of Alabama 1975, as amended (Act No. 80-647 of the 1980 Regular Session of the Legislature), and any successor thereto.

"Bond Year" shall mean the period of twelve consecutive calendar months ending on the date that is one year after the stated date of the first Obligations to be issued, and each period of twelve consecutive calendar months beginning on the day following the expiration of the preceding such Bond Year.

"Commission" shall mean the Morgan County Commission or other governing body of the County.

"County" shall mean Morgan County, Alabama.

"District" shall mean The Morgan County Industrial Park and Economic Development Cooperative District, a public corporation organized under Chapter 99B of Title 11 of the Code of Alabama 1975 by the Authority and the Participating Local Governments.

"District Jurisdiction" shall mean an area coterminous with the boundaries of, and including all land within, Morgan County, Alabama, including without limitation, all land located within Morgan County, Alabama, and within any incorporated municipality and all land within Morgan County, Alabama, and outside any incorporated municipality. Interstate 65 Corridor" shall means all that land lying and being entirely within the County and included within an area described as follows: beginning at (a) a point which is on the border of the County and Limestone County, Alabama, and which is five miles west of Interstate 65, thence proceed in a southeasterly direction to (b) a point which is on the border of the County and Limestone County, Alabama, and which is five miles east of Interstate 65, thence proceed in a southerly direction to (c) a point which is on the border of the County and Cullman County, Alabama, and which is five miles east of Interstate 65, thence proceed in a westerly direction to (d) a point which is on the border of the County and Cullman County, Alabama, and which is five miles west of Interstate 65, thence proceed in a northerly direction to (e) the point of beginning described in (a) herein.

"Morgan County Economic Development Fund" shall mean the fund established under Section 7 hereof.

"Morgan County Industrial Park Parks" shall mean and include any land real property, or interest therein, within the Interstate 65 Corridor District Jurisdiction determined by the District to be suitable for use by any public or private entity for any industrial, commercial, agricultural, transportation, manufacturing, assembly, financial services, distribution, warehouse, entertainment, medical or research activity, purpose, or use and any office or other facilities related thereto or used or useful in connection therewith.

"Morgan County Industrial Park Facilities" shall mean and include (a) capital improvements of real or personal property, or both which are located within or without, or partially within and partially without, any of the Morgan County Industrial Park Parks, which provide services to, or benefit, the a Morgan County Industrial Park, or any part thereof, including without limitation roads, streets, and other facilities for access and transportation; utility facilities including water, sanitary and storm sewage disposal, drainage, waste disposal systems, facilities for provision of manufactured and natural gas, and other utility services; facilities for communications; and parking areas and facilities, and (b) any property which any of the Participating Local Governments may acquire, develop, and convey under any provision of the laws law of the State of Alabama or under any provision of the Constitution of Alabama of 1901, as amended, including without limitation Morgan County, Section 6 of the Official Recompilation of the Constitution of Alabama of 1901, Local Amendments (formerly Amendment No. 303 to the Constitution of Alabama of 1901, as amended) and Morgan County, Section 7 of the Official Recompilation of the Constitution of Alabama of 1901, Local Amendments (formerly Amendment No. 429 to the Constitution of Alabama of 1901, as amended).

"Obligations" shall mean and include all bonds, warrants, notes or other obligations (including without limitation bonds, warrants, notes or other obligations issued to pay, retire or refund any bonds, warrants, notes or other obligations) issued by the District for the purpose of paying the costs of any or all of the Morgan County Industrial Park Parks or any or all Morgan County Industrial Park Facilities.

"Participating Boards of Education" shall mean The County Board of Education of Morgan County, Alabama; The City Board of Education of the City of Decatur, Alabama; and The City Board of Education of the City of Hartselle.

"Participating Local Governments" shall mean the County, the Cities of Decatur and Hartselle, Alabama, the Towns of Eva, Falkville, Priceville, Somerville and Trinity, Alabama, and any other city or town hereafter incorporated and situated, in whole or in part, within the boundaries of the County.

"Three Percent Increase" shall mean that amount of the TVA Payment determined by the Alabama Department of Revenue to be allocable to the three percent increase in the portion of the in-lieu-of-taxes payments made by the Tennessee Valley Authority to the State of Alabama which are annually transferred to the Commission pursuant to Chapter 28 of Title 40 of the Code of Alabama 1975, which three percent increase became effective after September 30, 2005 pursuant to Act No. 2006-655 of the 2006 Regular Session of the Alabama Legislature and pursuant thereto shall be allocated by local legislation.

"TVA Payment" shall mean an amount of Tennessee Valley Authority in-lieu-of-tax moneys transferred and distributed by the State of Alabama to the Commission pursuant to the provisions of Chapter 28 of Title 40 of the Code of Alabama 1975, as amended, or any subsequent statute of similar import.

"Section 10. Pledge; Use and Expenditure of Payments to the District; Conveyance of Properties by District.

"(a) The District may pledge the TVA Payments to be made to the District hereunder for the payment and benefit of any of the Obligations. The District shall use, expend and apply all amounts paid and distributed to it pursuant to the provisions of Section 6 hereof for payment of Annual Debt Service (or, if the District uses any moneys other than those distributed to it under Section 6 hereof for payment of Annual Debt Service, to reimburse the District, or any of the Participating Local Governments, for any other such moneys so used).

"(b) Any provision of law to the contrary notwithstanding, and in addition to the power and authority of the District under Chapter 99B of Title 11 of the Code of Alabama 1975, the District may sell and convey, with or without valuable consideration, any part of any of the Morgan County Industrial Park Parks, or any part of any of the Morgan County Industrial Park Facilities, to the Authority (to the extent of the authority and jurisdiction thereof to own and operate the properties so conveyed), or to any one or more of the Participating Local Governments which has, under any provision of the laws or constitution of the State of Alabama (including without limitation Morgan County, Section 6 of the Official Recompilation of the Constitution of Alabama of 1901, Local Amendments (formerly Amendment No. 303 to the Constitution of Alabama of 1901, as amended) and Morgan County, Section 7 of the Official Recompilation of the Constitution of Alabama of 1901, Local Amendments (formerly Amendment No. 429 to the Constitution of Alabama of 1901, as amended), the corporate power to acquire, or operate, or convey (to any person, firm or corporation), the properties so conveyed thereto by the District.

Section 2. This Act shall become effective immediately upon its passage and approval by the Governor, or upon its otherwise becoming a law.

Morgan County

Counties

Tennessee Valley Authority

Economic Development

Acts Amended