Section 9-14B-1 Legislative findings and purpose. - Alabama Statutes

Section 9-14B-1

Legislative findings and purpose.

The Legislature finds and declares the following: That it is desirable and in the public interest that a hotel/convention center complex and related recreational facilities be constructed and equipped at Gulf State Park; that by the passage of this chapter, it is the intention of the Legislature to (1) authorize the incorporation of the Gulf State Park Authority, (2) authorize the authority to sell and issue from time to time its bonds not exceeding seventy million dollars ($70,000,000) in aggregate principal amount for the purpose of paying the costs of acquisition, provision, construction, improvement, renovation, and equipping of a hotel/convention center complex and related recreational facilities at Gulf State Park, (3) provide that the bonds authorized hereby will be payable solely out of and secured by a pledge and assignment of the pledged revenues described in Section 9-14B-3, and (4) provide that, upon recommendation by the Commissioner of Conservation and Natural Resources and approval of the authority, all or any portion of the revenues in the Gulf State Park Fund may be transferred to the State Parks Revolving Fund, subject to certain limitations as to amount.

(Act 2001-972, 2001 3rd Sp. Sess., p. 884, §1.)