The bill amends Section 45-28-220.03 of the Code of Alabama 1975, specifically concerning the Etowah County Mega Sports Complex Authority. It transfers all fiduciary responsibilities related to the authority to the City of Rainbow City, effective October 1, 2025. The bill also stipulates that all revenue generated by the authority, including tax revenues, will be directed to the city, which will be responsible for the authority's fiscal obligations, provided that the revenue is sufficient to cover these liabilities. Additionally, the authority will be dissolved upon the full payment of its outstanding debts, with a deadline set for June 1, 2048, at which point all assets and responsibilities will transfer to the City of Rainbow City.

Key changes in the bill include the deletion of previous provisions regarding the termination of authority members' terms and the evaluation of a sports complex, while new language establishes the timeline for the transfer of responsibilities and the conditions for the authority's dissolution. The bill also mandates a comprehensive financial audit of the authority to be conducted immediately after October 1, 2022, and every two years thereafter, until the authority is dissolved. The audits will be performed by an independent certified public accountant selected from a list provided by the City of Rainbow City.