Alabama § 45-56-242.28 - Construction, Maintenance, or Operation Costs of Licensed Hospital Facilities.

§ 45-56-242.28. Construction, Maintenance, or Operation Costs of Licensed Hospital Facilities.

The proceeds of any taxes levied pursuant to the authorization contained in this subpart shall be used only for the purpose of providing funds to pay the costs of construction, maintenance, or operation of licensed hospital facilities in the county. The entire proceeds derived by the county from the taxes herein authorized to be levied, including any income derived from the investment of such proceeds, shall be paid over and deposited, promptly upon receipt thereof, into a separate and distinct fund or account of the county, which shall be accounted for as other county funds. The county may anticipate the proceeds from the taxes so required to be paid to it by issuing, for any of the purposes for which the taxes are herein authorized to be levied, funding or refunding bonds, warrants, or certificates of indebtedness of the county, and may pledge for the payment of the principal thereof and interest thereon the proceeds from the taxes so paid to it; provided however, and notwithstanding anything in this subpart to the contrary, the term of any and all funding or refunding bonds, warrants, or certificates of indebtedness of the county authorized to be issued by this section shall not exceed 30 years. The pledge of the proceeds by the county for the payment of the principal of and interest on bonds, warrants, or certificates of indebtedness issued by the county shall constitute a part of the contract with the holders of the bonds, warrants, or certificates of indebtedness and the contract shall be protected from impairment to the fullest extent provided by the United States Constitution and the Constitution of Alabama of 1901, as amended.