The bill amends Section 41-10-629 of the Code of Alabama 1975, which establishes the Alabama 21st Century Fund. It introduces new provisions allowing funds that are not required for debt service on bonds issued by the Alabama 21st Century Authority to be utilized for other project costs and debt service obligations of the State Industrial Development Authority. Specifically, it mandates that beginning in fiscal year 2018, a minimum of $16 million must be retained in the special fund for bond obligations, while also allowing for the investment of these revenues until needed.

Additionally, the bill includes a one-time transfer of $5 million from the Alabama 21st Century Fund to the Alabama Department of Commerce for the establishment of international offices, enhancement of rural development strategies, and to cover operational and personnel costs. The bill also stipulates that if the funds in the special fund exceed the necessary obligations, they may be used for project costs, debt service on bonds issued by the Alabama Incentives Financing Authority, and other uses as determined by the authority. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 41-10-629
Engrossed: 41-10-629