Section 40-17-72 Distribution of 45 percent of net tax proceeds.
Section 40-17-72
Distribution of 45 percent of net tax proceeds.
(a) Forty-five percent of the net tax proceeds is hereby allocated and appropriated for state highway purposes and as the state's share of the net tax proceeds. The said 45 percent of the net tax proceeds shall be covered into the State Treasury to the credit of the Public Road and Bridge Fund and shall be disbursed as hereinafter provided in this section.
(b) A portion of the state's share of the net tax proceeds that is equal in amount to two sevenths (equivalent to six twenty-firsts) of the net tax proceeds shall be disbursed, to the extent necessary for such purpose, to pay at their respective maturities the principal of and interest on the bonds issued prior to March 1, 1967, by the Alabama Highway Authority, a public corporation organized and existing under the provisions of Sections 23-1-150 through 23-1-160, in the order in which the said two sevenths of the net tax proceeds were pledged for the said bonds.
(c) A portion of the state's share of the net tax proceeds that is equal in amount to two twenty-firsts of the net tax proceeds shall be disbursed, to the extent necessary for such purpose, to pay at their respective maturities the principal of and interest on the bonds issued prior to March 1, 1967, by the said Alabama Highway Authority, in the order in which the said two twenty-firsts of the net tax proceeds were pledged for the said bonds.
(d) A portion of the state's share of the net tax proceeds that is equal in amount to one twenty-first of the net tax proceeds shall be disbursed, to the extent necessary for such purpose, to pay at their respective maturities the principal of and interest on the bonds issued by the said Alabama Highway Authority after March 1, 1959, and prior to March 1, 1967, in the order in which the said one twenty-first of the net tax proceeds was pledged for the said bonds.
(e) The residue of the state's share of the net tax proceeds remaining after provision shall have been made, out of the aforesaid nine twenty-firsts of the net tax proceeds, for payment of the obligations referred to in the foregoing subsections (b), (c), and (d) of this section, shall be disbursed for the following purposes, in the following order and to the extent necessary therefor:
(1) For payment at their respective maturities of the principal of and interest on bonds, other than refunding bonds, issued by the said Alabama Highway Authority under the provisions of Acts 1967, Special Session, No. 225, p. 302, to such extent and to such extent only as the portion of the motor vehicle license taxes and registration fees provided in Section 40-12-270, to be used for the payment of the principal of and interest on the said bonds, other than refunding bonds, issued by the said Alabama Highway Authority under the provisions of said Act No. 225, should be insufficient to pay the said principal and interest at their respective maturities;
(2) For payment at their respective maturities of the principal of and interest on the bonds, other than refunding bonds, issued by the said Alabama Highway Authority under the provisions of Acts 1969, No. 781, p. 1398, to such extent and to such extent only as the portion of the motor vehicle license taxes and registration fees provided in Section 40-12-270, to be used for the payment of the principal of and interest on the said bonds, other than refunding bonds, issued by the said Alabama Highway Authority under the provisions of said Act No. 781, should be insufficient to pay the said principal and interest at their respective maturities;
(3) For payment at their respective maturities of the principal of and interest on the bonds, other than refunding bonds, issued by the said Alabama Highway Authority under the provisions of Acts 1971, No. 1416, p. 2412, to such extent and to such extent only as the portion of the motor vehicle license taxes and registration fees provided in Section 40-12-270, to be used for the payment of the principal of and interest on the said bonds, other than refunding bonds, issued by the said Alabama Highway Authority under the provisions of said Act No. 1416, should be insufficient to pay the said principal and interest at their respective maturities;
(4) For payment at their respective maturities of the principal of and interest on any bonds or other obligations, including refunding obligations, issued after December 1, 1977, by a public corporation existing at the time of issuance under the laws of the state pursuant to then existing statutory authorization, or by the state pursuant to then existing authorization, effective at the time of issuance, under the Constitution and laws of the state, and for which the aforesaid residue, referred to in this subsection (e), of the state's share of the net tax proceeds shall have been appropriated and pledged in a then effective statute or constitutional provision (including any enabling act under a constitutional provision) under which such bonds may be issued, all in the manner and to the extent and subject to such priorities in rank as may be provided in such statute or constitutional provision or in any authorizing resolution thereunder; and
(5) For allocation on September 30 of each fiscal year to each county to which allocation shall have been made under the provisions of subsection (c) of Section 40-17-73, during such fiscal year less than the base annual county distribution, of such sum as, when added to the amounts so allocated to that county under the said subsection (c) of Section 40-17-73, will equal the base annual county distribution.
(f) The state's share of the net tax proceeds paid into the Public Road and Bridge Fund and not required for any of the purposes referred to in any of the foregoing subsections (b), (c), (d), and (e) of this section may be withdrawn by the Department of Transportation and used by it for highway purposes.
(Acts 1967, Ex. Sess., No. 224, p. 295, §3; Acts 1969, No. 784, p. 1410, §1; Acts 1971, 1st Ex. Sess., No. 153, p. 238, §2; Acts 1978, No. 582, p. 659, §2.)