Section 9-14B-9 Gulf State Park Fund. - Alabama Statutes

Section 9-14B-9

Gulf State Park Fund.

There is hereby created and established a fund to be known as the Gulf State Park Fund, which fund shall be comprised of all pledged revenues. The commissioner of the department, with the approval of the Director of Finance, is authorized and empowered to provide for and open an account or accounts at any state or federal bank whose deposits are insured within the State of Alabama for the purpose of providing a depository or depositories for the fund. The commissioner of the department may draw on or make expenditures from the fund for the payment of debt service on the bonds, the purchase of goods for resale, equipment purchases, payment of utilities, salaries of employees, and any other necessary operating expenses in connection with the project, including reasonable and necessary maintenance costs. The fund shall be subject to examination and audit as other funds of the state are examined and audited. The commissioner of the department, with the approval of the Director of Finance, shall by regulation provide the procedure for making deposits and withdrawals from the fund together with other accounting procedures as may be needed, including the setting of bonds for persons empowered to handle the fund. The authority, upon recommendation by the commissioner of the department, may at the close of any state fiscal year transfer from the Gulf State Park Fund to the State Parks Revolving Fund established by Section 9-2-107, all or any portion of the net revenues from the operation of the project during such fiscal year, provided that the amount that may be so transferred in any given year may not exceed the maximum allowable amount.

(Act 2001-972, 2001 3rd Sp. Sess., p. 884, §9.)