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 21st Century Fund revenues not needed to pay debt service on authority bonds to be used by the State Industrial Development Authority for any of the Alabama Energy Infrastructure Bank's authorized purposes. This bill would also transfer fifty million dollars ($50,000,000) from the Alabama 21st Century Fund to the Alabama Energy Infrastructure Bank for the fiscal year ending September 30, 2026, to be used for the Strategic Energy Infrastructure Development Fund and other authorized purposes. This bill would also transfer ten million dollars ($10,000,000) from the Alabama 21st Century Fund to the Alabama Incentives Financing Authority for the fiscal year ending September 30, 2026, to pay for certain project and project costs. This bill would be effective contingent upon enactment of legislation during the 2025 Regular Session, or special session of the Legislature, establishing the Alabama Energy Infrastructure Bank and the Strategic Energy Infrastructure Development Fund.

Statutes affected:
Introduced: 41-10-629