§ 41-10-48.04 — Alabama Energy Infrastructure Bank; Alabama Energy Infrastructure Fund

Alabama § 41-10-48.04

• Jurisdiction: Alabama
• Title 41: State Government
• Ch. 10: Authorities
• Art. 2E: Powering Growth Act

Text

(a) There is created within the authority a division to be known as the Alabama Energy Infrastructure Bank.
(b) In recognition of increasing concerns regarding energy capacity and the resilience of Alabama’s energy infrastructure for current and future needs, the corporate purpose of the energy bank is to support the economic growth of the state by identifying and supporting energy infrastructure projects for eligible projects in Alabama.
(c) The energy bank shall accomplish these goals through the utilization of bond financing and other financial assistance for energy infrastructure projects.
(d) The energy bank shall utilize existing and future revenue sources in order to create the necessary funding streams to secure bond financing and other financial assistance that will allow the state to enhance and expand its energy infrastructure.
(e) Through the energy bank, the authority may act as a state energy financing institution as that term is defined 42 U.S.C. § 16511(7)(A), or any successor statute, for purposes of obtaining federal support for Alabama energy infrastructure projects.
(f) The Alabama Energy Infrastructure Fund is created in the State Treasury. All proceeds from the revenues designated to the energy fund, pursuant to this article and any other provision of law, shall be deposited into the energy fund to be expended only as provided in this article.
(g) In undertaking its responsibilities under this article, the authority may request that the Alabama Growth Alliance review and provide feedback on authority programs and activities which may include, but is not limited to, their alignment with the state’s economic growth priorities.

Legislative History

(Act 2025-394, §1.)