SB325

By Senator Orr

ENROLLED, An Act,

Relating to Morgan County; to amend Section 1 of Act 2007-339, 2007 Regular Session (Acts 2007, p. 595), as amended and reenacted by Act 2009-767, 2009 Regular Session (Acts 2009, p. 2347), and amended by Act 2015-36, 2015 Regular Session (Acts 2015), and Section 12 of Act 2007-339, 2007 Regular Session (Acts 2007, p. 595), as amended and reenacted by Act 2009-767, 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 includes the acquisition of land or interests therein, and the acquisition, construction, and installation of buildings, facilities, personal property, and structures, for the purpose of economic development within Morgan County and each municipality therein.

BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:

Section 1. Section 1 of Act 2007-339, 2007 Regular Session (Acts 2007, p. 595), as amended and reenacted by Act 2009-767, 2009 Regular Session (Acts 2009, p. 2347), and amended by Act 2015-36, 2015 Regular Session (Acts 2105), and Section 12 of Act 2007-339, 2007 Regular Session (Acts 2007, p. 595), as amended and reenacted by Act 2009-767, 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 the area coterminous with within 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 each municipality and all land within Morgan County, Alabama, and outside any incorporated municipality therein.

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

"Morgan County Industrial Parks" shall mean and include any real property, or interest therein, within the 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 Parks, which provide services to, or benefit, a Morgan County Industrial Park, or any part thereof, including without limitation plants, buildings, factories, works, facilities, machinery, and equipment of any kind whatsoever, 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 law 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, pursuant to Chapter 99B of Title 11, Code of Alabama 1975, or other applicable general law, for the purpose of paying the costs of any or all of the Morgan County Industrial 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 12. Contract with Owners of Obligations issued under General Law.

"The allocations, distributions and payments to be made under Section 6 for the payment of the principal of, premium, if any, and interest on the Obligations shall constitute a contract with the owners of the Obligations and shall remain in effect, and no amendment, repeal or termination (in whole or in part) thereof shall be made, until all of the principal of, premium, if any, and interest on the Obligations shall have been paid in full. No provision of this act shall operate or be construed to authorize the District to issue the Obligations or any other bonds or securities, which provision is declarative of existing law and shall have a retrospective and prospective operation."

Section 2. Distributions and payments of Tennessee Valley Authority in-lieu-of-tax-monies made by the Morgan County Commission pursuant to Act 2007-339, 2007 Regular Session (Acts 2007, p. 595), Act 2007-491, 2007 Regular Session (Acts 2007, p. 1047), Act 2008-456, 2008 Regular Session (Acts 2008, p. 889), and Act 2105-36, 2015 Regular Session (Acts 2015), are approved, ratified, confirmed, and validated.

Section 3. The provisions of this act are severable. If any part of this act is declared invalid or unconstitutional, that declaration shall not affect the part which remains.

Section 4. This act shall become effective immediately following its passage and approval by the Governor, or its otherwise becoming law.

Economic Development

Morgan County

Counties

Tennessee Valley Authority

Property, Real and Personal

Taxation

Board of Education, City

Board of Education, County

Acts Amended