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. The bill also introduces new provisions regarding the management of excess funds in the Alabama 21st Century Fund.

Key changes include the deletion of specific fiscal year retention amounts for the fund and the removal of a previous requirement to transfer $20 million to the State General Fund for the fiscal year ending September 30, 2015. New language stipulates that if funds are no longer needed for the authority's obligations, they must maintain a minimum of 1.3 times the maximum annual debt service, with any excess being allocated to the State Industrial Development Authority for authorized purposes. 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