The Elmore County Commission shall create a Rainy Day Fund into which a minimum of five percent of the tax collected monthly under this subpart shall be placed. The commission shall place the funds into an interest bearing account and both interest and principal shall accumulate without expenditure until the Rainy Day Fund shall reach the amount of one million dollars ($1,000,000). When the fund reaches that amount, the commission may access the funds by giving public notice of the proposed use of the funds for one month, and voting unanimously for the proposal in a regular commission meeting.
Structure Code of Alabama
Section 45-26-244.30 - Applicability.
Section 45-26-244.31 - Definitions.
Section 45-26-244.32 - Levy of Tax.
Section 45-26-244.33 - Payment of Tax.
Section 45-26-244.34 - Addition of Tax to Sales Price or Admission Fee.
Section 45-26-244.35 - Collections and Enforcement.
Section 45-26-244.36 - Application of State Statutes.
Section 45-26-244.37 - Charge for Collection.
Section 45-26-244.38 - Authorization to Levy Tax; Referendum; Renewal and Termination.