The following words and phrases used in this part, unless the context clearly indicates otherwise, shall have the following respective meanings.
(1)ANNUAL DEBT SERVICE. The aggregate amount of principal maturing (or required to be redeemed), and interest accrued, with respect to the obligations during a bond year.
(2)AUTHORITY. Decatur-Morgan County Port Authority, a public corporation and instrumentality organized under Chapter 94 of Title 11, as amended (Act 80-647, 1980 Regular Session (Acts 1980, p. 1220)), and any successor thereto.
(3)BOND YEAR. The period of 12 consecutive calendar months ending on the date that is one year after the stated date of the first obligations to be issued, and each period of 12 consecutive calendar months beginning on the day following the expiration o
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The following words and phrases used in this part, unless the context clearly indicates otherwise, shall have the following respective meanings.
(1) ANNUAL DEBT SERVICE. The aggregate amount of principal maturing (or required to be redeemed), and interest accrued, with respect to the obligations during a bond year.
(2) AUTHORITY. Decatur-Morgan County Port Authority, a public corporation and instrumentality organized under Chapter 94 of Title 11, as amended (Act 80-647, 1980 Regular Session (Acts 1980, p. 1220)), and any successor thereto.
(3) BOND YEAR. The period of 12 consecutive calendar months ending on the date that is one year after the stated date of the first obligations to be issued, and each period of 12 consecutive calendar months beginning on the day following the expiration of the preceding bond year.
(4) COMMISSION. The Morgan County Commission or other governing body of the county.
(5) COUNTY. Morgan County, Alabama.
(6) DISTRICT. The Morgan County Industrial Park and Economic Development Cooperative District, a public corporation organized under Chapter 99B of Title 11 by the authority and the participating local governments.
(7) DISTRICT JURISDICTION. The area within the boundaries of Morgan County, Alabama, and within each municipality therein.
(8) MORGAN COUNTY ECONOMIC DEVELOPMENT FUND. The fund established under Section 45-52-161.06.
(9) MORGAN COUNTY INDUSTRIAL PARK FACILITIES. Includes both of the following:
a. Capital improvements of real or personal property, or both which are located within or without, or partially within and partially without, any of the Morgan County Industrial Parks, which provide services to, or benefit, a Morgan County Industrial Park, or any part thereof, including, without limitation, plants, buildings, factories, works, facilities, machinery, and equipment of any kind whatsoever, roads, streets, and other facilities for access and transportation; utility facilities including water, sanitary, and storm sewage disposal, drainage, waste disposal systems, facilities for provision of manufactured and natural gas, and other utility services; facilities for communications; and parking areas and facilities, and
b. Any property which any of the participating local governments may acquire, develop, and convey under any law of Alabama or under any provision of the Constitution of Alabama of 1901, as amended, including, without limitation, Morgan County, Section 6 of the Official Recompilation of the Constitution of Alabama of 1901, Local Amendments (formerly Amendment 303 to the Constitution of Alabama of 1901, as amended) and Morgan County, Section 7 of the Official Recompilation of the Constitution of Alabama of 1901, Local Amendments (formerly Amendment 429 to the Constitution of Alabama of 1901, as amended).
(10) MORGAN COUNTY INDUSTRIAL PARKS. Includes any real property, or interest therein, within the district jurisdiction determined by the district to be suitable for use by any public or private entity for any industrial, commercial, agricultural, transportation, manufacturing, assembly, financial services, distribution, warehouse, entertainment, medical, or research activity, purpose, or use and any office or other facilities related thereto or used or useful in connection therewith.
(11) OBLIGATIONS. Includes all bonds, warrants, notes, or other obligations (including, without limitation, bonds, warrants, notes, or other obligations issued to pay, retire, or refund any bonds, warrants, notes, or other obligations) issued by the district, pursuant to Chapter 99B of Title 11, or other applicable general law, for the purpose of paying the costs of any or all of the Morgan County Industrial Parks or any or all Morgan County Industrial Park Facilities.
(12) PARTICIPATING BOARDS OF EDUCATION. The County Board of Education of Morgan County; the City Board of Education of the City of Decatur; and the City Board of Education of the City of Hartselle.
(13) PARTICIPATING LOCAL GOVERNMENTS. The county, the Cities of Decatur and Hartselle, the Towns of Eva, Falkville, Priceville, Somerville, and Trinity; and any other city or town hereafter incorporated and situated, in whole or in part, within the boundaries of the county.
(14) THREE PERCENT INCREASE. That amount of the TVA payment determined by the state Department of Revenue to be allocable to the three percent increase in the portion of the in-lieu-of-taxes payments made by the Tennessee Valley Authority to the State of Alabama which are annually transferred to the commission pursuant to Chapter 28 of Title 40, which three percent increase became effective after September 30, 2005, pursuant to Act 2006-655, 2006 Regular Session (Acts 2006, p. 1792), and pursuant thereto shall be allocated by local legislation.
(15) TVA PAYMENT. An amount of Tennessee Valley Authority in-lieu-of-tax monies transferred and distributed by the State of Alabama to the commission pursuant to Chapter 28 of Title 40, as amended, or any subsequent statute of similar import.