§ 41-10-47.06 — Use of Funds

Alabama § 41-10-47.06

• Jurisdiction: Alabama
• Title 41: State Government
• Ch. 10: Authorities
• Art. 2D: Site Evaluation Economic Development Strategy

Text

(a) The funds shall be held in perpetual trust and shall not be appropriated by the Legislature or expended or disbursed for any purpose other than as provided in this article. The board may expend the fund’s earnings and principal in furtherance of its purposes.
(b)(1) To the extent practicable, the board shall keep all monies at any time held in the fund invested in eligible investments, in its sole judgment, as shall produce the greatest trust income over the term of the investments while preserving capital.
(2) The board may select the eligible investments in which monies held in the fund shall at any time be invested.
(3) The board may invest the fund capital in any eligible investments producing trust income in accordance with the schedule as the board, in its sole judgment, determines to be in the best interests of the state. In determining the schedule, the board may emphasize future benefits in preference to near-term needs. A board member shall not be responsible for the adequacy of the fund to satisfy and discharge any obligation of the corporation.

Legislative History

(Act 2023-35, §1)