The entire proceeds derived by the county from the taxes herein authorized to be levied, including any income derived from the investment of such proceeds, shall be paid over and deposited, promptly upon receipt thereof, into a separate and distinct fund or account of the county, which shall be accounted for as other county funds. The governing body of the county shall cause all such proceeds, less the cost of collection provided for in Section 45-17-243.04, and any other expenses that may be lawfully payable by such governing body out of such proceeds, to be transferred and deposited, not more than 30 days after receipt thereof by the county, into the Shoals Economic Development Fund; and such proceeds shall thereafter be applied and used by the committee and the authority only for the purposes, and otherwise in compliance with all the requirements, specified (or to be specified) in Subpart 2 (commencing with Section 45-17-91.20) of Part 2 of Article 9.
Structure Code of Alabama
Section 45-17-243 - Definitions.
Section 45-17-243.01 - Authorization of Levy of Sales Tax.
Section 45-17-243.02 - Authorization of Levy of Use Tax.
Section 45-17-243.03 - Sales Tax to Be Added to Sales Price.
Section 45-17-243.04 - Collection of Taxes.
Section 45-17-243.05 - Enforcement of This Act; Civil Suit; Taxes a Lien.
Section 45-17-243.06 - Applicability of State Sales and Use Tax Statutes.
Section 45-17-243.07 - Use of Proceeds.
Section 45-17-243.08 - Effective Date; Reduction in Rates of Taxes; Termination of Levy of Taxes.