Under existing law, the Alabama 21st Century Authority may issue bonds for economic development and industrial recruitment purposes, secured by tobacco settlement revenues received by the State of Alabama and deposited into the Alabama 21st Century Fund. This bill would allow the Alabama 21st Century Fund revenues to be used to pay other project costs and debt service on bonds issued by the State Industrial Development Authority. This bill would also transfer five million dollars ($5,000,000) from the Alabama 21st Century Fund to the Alabama Department of Commerce to establish additional international offices, enhance rural development strategies, and cover operational and personnel costs.

Statutes affected:
Introduced: 41-10-629