Disposition of funds.

The proceeds from the tax hereby authorized less the actual cost of collection not to exceed three percentum shall be paid by the State Department of Revenue to the Mobile County Board of Education for the retirement of debt incurred or contracted for by the Mobile County Board of Education from April 9, 1992 to May 1, 1992. Upon satisfaction of such debt incurred or contracted for, and any renewal or extension thereof, the proceeds from the tax hereby authorized may be utilized by the Mobile County Board of Education for any other school-related purpose.

(Act 92-262, p. 618, §6.)