§ 41-10-48.08 — Sources of Capitalization

Alabama § 41-10-48.08

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

Text

(a) The authority may use the following sources to capitalize the energy fund and to carry out its purposes of this article:
(1) Tobacco settlement funds from the Alabama 21st Century Fund.
(2) Federal funds made available to the state for the energy bank or for eligible projects.
(3) Contributions and donations from public and private entities and any other source as may become available to the authority, including, but not limited to, appropriations from the Legislature.
(4) All monies paid or credited to the authority, by contract or otherwise, payments of principal and interest on loans or other financial assistance made from the authority, and interest earnings which may accrue from the investment or reinvestment of the authority’s monies.
(5) Proceeds from the issuance of bonds as provided in this article.
(6) Other lawful sources as determined appropriate by the authority.
(b) Any pledge of the revenues and amounts described in subsection (a) to provide funds for payment of debt service on bonds issued by the authority or to pay obligations of the authority with respect to other financial assistance shall continue until the bonds have been fully repaid or the authority’s obligations with respect to the other financial assistance have terminated, unless the trust indenture, financing agreement, or other related instrument providing for the pledge expressly provides that the pledge may be terminated earlier or otherwise limited by the authority.

Legislative History

(Act 2025-394, §1.)