(a) When the original securities secured by a pledge of the taxes authorized in this subpart, including refunding securities hereafter issued to refund the original securities, for the Shoals Economic Development Project have been paid in full, the local public corporation is abolished. Securities for which an irrevocable trust fund consisting of cash or direct general obligations of the United States of America, or both, is established for retirement of all of the principal of or interest on any outstanding security, shall be deemed paid in full for the purposes of this subpart.
Terms Used In Alabama Code 45-39-92.53
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1
(b) Notwithstanding any other provision of this subpart, the local public corporation may not increase any outstanding debt or debt obligations or create additional debts relating to the original bond balance owed as of May 12, 2005.(c)(1) Upon abolishment of the local public corporation, the proceeds of the tax authorized by this subpart shall be paid to the agriculture authority established in Lauderdale County for use as a pledge for a loan approved by the authority.(2) The tax imposed pursuant to Section 45-39-92.41 may not be terminated by the county if there is at the time any outstanding loan which by its terms is payable, in whole or in part, out of, or secured by a pledge of, any revenues or proceeds from the tax.
