(a)If the governing body of the county elects to levy or impose any of the taxes herein authorized to be levied and imposed, it shall specify, as the effective date of such levy, the first day of the second calendar month next following that during which such levy is made; provided, that such governing body may not levy or impose any such taxes unless the effective date of such levy is the same as the effective date of the levy, by the governing body of Colbert County, of any of the taxes authorized to be levied and imposed pursuant to Part 4, commencing with Section 45-17-243, of Article 24 of Chapter 17 of this title.
(b)The governing body of the county may, at any time and from time to time after the levy of any of the taxes herein authorized, but subject to succeeding provisions of t
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(a) If the governing body of the county elects to levy or impose any of the taxes herein authorized to be levied and imposed, it shall specify, as the effective date of such levy, the first day of the second calendar month next following that during which such levy is made; provided, that such governing body may not levy or impose any such taxes unless the effective date of such levy is the same as the effective date of the levy, by the governing body of Colbert County, of any of the taxes authorized to be levied and imposed pursuant to Part 4, commencing with Section 45-17-243, of Article 24 of Chapter 17 of this title.
(b) The governing body of the county may, at any time and from time to time after the levy of any of the taxes herein authorized, but subject to succeeding provisions of this section, and subject to constitutional limitations on the impairment of contracts,
(1) Reduce the rate at which any of such taxes is levied below the rate specified in either Section 45-39-245.41 or Section 45-39-245.42, whichever is applicable, or
(2) Terminate any of the taxes herein authorized to be levied by it. However, notwithstanding any such reduction in rate, the governing body of the county may again thereafter from time to time increase the rate of such levy, but in no event may such rate exceed the applicable rate specified in Section 45-39-245.41 or Section 45-39-245.42, as the case may be. Further, notwithstanding any such termination, the governing body of the county may again thereafter from time to time levy and impose any such taxes, subject to this subpart.
(c) No tax levied hereunder may be either reduced in rate or terminated by the county, as authorized in the preceding provisions of this section, prior to the tenth anniversary of the effective date of the levy of such tax. In addition, if there are at the time outstanding and unpaid any bonds, warrants, notes, or other securities or obligations issued by either the county, Colbert County, the authority, or any other public body, and which by their terms are payable, in whole or in part out of, or secured by a pledge of, any revenues or proceeds from any of such taxes, then
(1) None of such taxes may then be terminated by the county, and
(2) The county may not then reduce the rate of any such taxes if as a consequence thereof the issuer of such bonds, warrants, notes, or other securities or obligations would not be able to provide for payment in full of all principal of and interest, and premium, if any, on such bonds, warrants, notes, or other securities or obligations, in accordance with their terms.
(d) None of the taxes herein authorized may at any time be either reduced in rate or terminated by the county unless, simultaneously with such reduction in rate or termination, as the case may be, all the aforesaid taxes then levied by Colbert County are also reduced in rate to the same extent and in the same manner, or terminated, as the case may be, by the governing body of Colbert County, it being the intent of this subpart that the taxes herein authorized to be levied by the county and those authorized as aforesaid to be levied by Colbert County shall be levied only during the same period or periods, in the same amounts or at the same rates, as the case may be, and on or with respect to the same subjects of taxation.
(e) In the event that any or all such taxes are so terminated, any proceeds thereof that are at the time on deposit in the Shoals Economic Development Fund, or that are thereafter received, shall be held in the Shoals Economic Development Fund and expended by the committee and the authority only for purposes for which such proceeds may lawfully be expended.