The bill amends Section 41-10-629 of the Code of Alabama 1975, which establishes the Alabama 21st Century Fund. It allows for funds that are not required for debt service on bonds issued by the Alabama 21st Century Authority to be redirected towards other project costs and debt service obligations of the State Industrial Development Authority. The bill specifies that beginning in fiscal year 2018, $16 million will be retained in the special fund for bond obligations, and any excess funds may be utilized for project costs, debt service on bonds issued by the Alabama Incentives Financing Authority, and a one-time transfer of $5 million to the Alabama Department of Commerce for various initiatives.

Additionally, the bill introduces new provisions regarding the investment of revenues in the special fund, stating that these revenues will be invested by the State Treasurer until needed for debt service. It also establishes a requirement for the Alabama 21st Century Authority to maintain a minimum of 1.3 times the maximum annual debt service on all authority obligations. The act is set to take effect immediately upon passage.

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