The proceeds of any taxes levied pursuantto the authorization contained in this subpart shall be used only for thepurpose of providing funds to pay the costs of construction, maintenance, oroperation of licensed hospital facilities in the county. The entire proceeds derived by the county from the taxes hereinauthorized to be levied, including any income derived from the investment ofsuch proceeds, shall be paid over and deposited, promptly upon receipt thereof,into a separate and distinct fund or account of the county, which shall beaccounted for as other county funds. Thecounty may anticipate the proceeds from the taxes so required to be paid to itby issuing, for any of the purposes for which the taxes are herein authorizedto be levied, funding or refunding bonds, warrants, or certificates ofindebtedness of the county, and may pledge for the payment of the principalthereof and interest thereon the proceeds from the taxes so paid to it; provided however, and notwithstanding anythingin this subpart to the contrary, the term of any and allfunding or refunding bonds, warrants, or erest thereon the proceeds from the taxes so paid to it; provided however, and notwithstanding anythingin this subpart to the contrary, the term of any and allfunding or refunding bonds, warrants, or certificates of indebtedness of thecounty authorized to be issued by this section shall not exceed 30 years. The pledge of the proceeds by the countyfor the payment of the principal of and interest on bonds, warrants, orcertificates of indebtedness issued by the county shall constitute a part ofthe contract with the holders of the bonds, warrants, or certificates ofindebtedness and the contract shall be protected from impairment to the fullest extent provided by the United States Constitution and the Constitution ofAlabama of 1901, as amended.(Act 2015–74, p. 269, § 11.)
Alabama Legal Code