(a)The county commission may anticipate the proceeds from the tax so required to be paid to it by issuing funding or refunding bonds, warrants, or other evidences of indebtedness of the county, and may enter into funding agreements or other obligations, to governmental entities or public corporations payable from such proceeds for any purpose for which the tax proceeds may be used, and may pledge for the payment thereof the proceeds from the tax so paid to it. The pledge of such proceeds by the county commission for payment of the principal of and interest on the bonds, warrants, funding agreements, or other evidences of indebtedness or other obligations issued or entered into by the county commission shall constitute a part of the contract with the holders of the bonds, warrants, evidenc
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(a) The county commission may anticipate the proceeds from the tax so required to be paid to it by issuing funding or refunding bonds, warrants, or other evidences of indebtedness of the county, and may enter into funding agreements or other obligations, to governmental entities or public corporations payable from such proceeds for any purpose for which the tax proceeds may be used, and may pledge for the payment thereof the proceeds from the tax so paid to it. The pledge of such proceeds by the county commission for payment of the principal of and interest on the bonds, warrants, funding agreements, or other evidences of indebtedness or other obligations issued or entered into by the county commission shall constitute a part of the contract with the holders of the bonds, warrants, evidences of indebtedness, or other obligations secured thereby and such contract shall be protected from impairment to the fullest extent provided by the federal Constitution and the Constitution of Alabama of 1901, as amended. Obligations of the county payable from or secured by the proceeds of the rental tax shall be issued under the general law of the state available for those purposes, including, without limitation, Chapter 28 of Title 11.
(b) The county commission shall have the further power to designate as the agent of the county any other governmental entity or public corporation in the state heretofore or hereafter organized to undertake any purpose as the county commission shall determine utilizing proceeds of the rental tax. When such a governmental entity or public corporation shall be so designated, the proceeds of the rental tax (or so much thereof as shall be allocated to the entity so designated) thereafter collected shall be paid over to it and shall be used by it for the purposes specified by the county commission for which the tax is herein authorized to be levied. The governmental entity or public corporation may anticipate the proceeds from the rental tax so required to be paid to it by issuing, for any of the purposes specified by the county commission for which the tax is herein authorized to be levied, funding or refunding bonds, warrants, certificates of indebtedness, or other evidences of indebtedness of such governmental entity or public corporation, and may pledge for the payment of the principal thereof and interest thereon the proceeds from the tax so paid to it. The designation by the governing body of the county of a governmental entity or public corporation to receive proceeds of the rental tax levied pursuant to this part, the payment of such proceeds over to the governmental entity or public corporation and the pledge of such proceeds by the governmental entity or public corporation for the payment of the principal of and interest on bonds, warrants, certificates of indebtedness or other evidences of indebtedness issued by such governmental entity or public corporation shall constitute a part of the contract with the holders of the bonds, warrants, certificates of indebtedness, or other evidences of indebtedness and such contract shall be protected from impairment to the fullest extent provided by the federal Constitution and the Constitution of Alabama of 1901, as amended. Obligations of such a governmental entity or public corporation payable from or secured by the proceeds of the rental tax shall be issued under the general laws of the state available for those purposes.