Lake Martin Topics: notice in Outlook

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	Name:	mbk -
	Subject:	notice in Outlook
	Date:	11/17/2008 10:29:15 AM

It appears that an “Improvement District” has been created for the development of Russell Crossroads Cooperative District (Code of Alabama, Section 11-99A). This permits the District to issue bonds as opposed to simply borrowing the money from financial institutions (Section 11-99A-6). The bonds will qualify as non-taxable government bonds and the District will also have other benefits under state law. As stated in the notice, “The proceeds of the Bond will be used to pay the costs of public improvements (including without limitation roads, streets, facilities for water and sewer service, and storm drainage facilities . . .” It further states that the repayment will be “payable solely out of the Project User Fees and certain funds held under the Indenture.” It does not obligate the county to repay any of the funds nor provide for any additional taxes on the residents. It does not “count” against the county’s credit limit. This is fairly common for large developments when they are required to fund all the infrastructure costs. The tax advantages also help offset the cost of the infrastructure. The Code of Alabama, Title 11, Chapter 81 provides additional information about the issuance of bonds for public improvements, and the requirement to file the complaint in the Circuit Court (Section 11-81-221).

It is not the same as creating a zoning/planning district around the lake. That will require an act of the state legislature and I am sure the concurrence of each county and municipality that may be involved.

Other messages in this thread:

View Entire Thread

notice in Outlook - lmlaker - 11/15/2008 8:46:28 PM

Thought it was dead huh? - roswellric - 11/17/2008 9:09:01 AM

notice in Outlook - mbk - 11/17/2008 10:29:15 AM

notice in Outlook - boataholic - 11/17/2008 11:37:18 AM

notice in Outlook - mbk - 11/17/2008 1:00:44 PM

notice in Outlook - boataholic - 11/17/2008 1:18:05 PM

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