The bill amends Section 41-10-629 of the Code of Alabama 1975, which establishes the Alabama 21st Century Fund. It allows for the reallocation of funds not needed for debt service on bonds issued by the Alabama 21st Century Authority. Specifically, the bill mandates the transfer of $50 million to the Alabama Energy Infrastructure Bank for the Strategic Energy Infrastructure Development Fund, $10 million to the Alabama Incentives Financing Authority for project costs, and $5 million to the Alabama Department of Commerce for international offices and rural development strategies.

Additionally, the bill introduces new provisions regarding the management of the Alabama 21st Century Fund, including a requirement that the authority maintain a minimum of 1.3 times the maximum annual debt service on its obligations. It also removes previous fiscal year retention amounts and the requirement to transfer $20 million to the State General Fund for the fiscal year ending September 30, 2015. The act is set to take effect on June 1, 2025.

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