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, it 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 the special fund, including maintaining a minimum debt service coverage ratio and allowing excess funds to be used for authorized purposes by the State Industrial Development Authority.

Additionally, the bill deletes previous fiscal year retention amounts for the fund and replaces them with a new requirement to retain $16 million starting in 2018 and thereafter. It also removes a previous mandate to transfer $20 million to the State General Fund for the fiscal year ending September 30, 2015. The act is set to become effective on June 1, 2025.

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