(a)For the benefit of the State of Alabama and the residents thereof, there is hereby created a special fund named the “Alabama 21st Century Fund” which shall be funded with tobacco revenues and administered in accordance with this division. The following amounts shall be retained in the special fund in the following fiscal years and shall be used to pay principal, interest, and premium, if any, due on bonds issued by the authority:
Fiscal Year
Amount to be Retained
2018 and thereafter
$16,000,000
(b)Pending the use of revenues in the special fund for the payment of debt service on the bonds, such revenues shall be invested by the State Treasurer in permitted investments until such revenues are needed for such purposes. Earnings on such permitted investments shall remain a part of the sp
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(a) For the benefit of the State of Alabama and the residents thereof, there is hereby created a special fund named the “Alabama 21st Century Fund” which shall be funded with tobacco revenues and administered in accordance with this division. The following amounts shall be retained in the special fund in the following fiscal years and shall be used to pay principal, interest, and premium, if any, due on bonds issued by the authority:
Fiscal Year
Amount to be Retained
2018 and thereafter
$16,000,000
(b) Pending the use of revenues in the special fund for the payment of debt service on the bonds, such revenues shall be invested by the State Treasurer in permitted investments until such revenues are needed for such purposes. Earnings on such permitted investments shall remain a part of the special fund. If amounts in the special fund are no longer needed to pay obligations of the Alabama 21st Century Authority, the authority must maintain no less than 1.3 times the maximum annual debt service payable on all authority obligations. Amounts in the fund in excess thereof shall be used by the State Industrial Development Authority for any of the Alabama Energy Infrastructure Bank’s authorized purposes.
(c) For the fiscal year ending September 30, 2025, fifty million dollars ($50,000,000) shall be transferred from the Alabama 21st Century Fund to the Alabama Energy Infrastructure Bank, which shall prioritize support for the Strategic Energy Infrastructure Development Fund, and may also use the funds for any of its authorized purposes.
(d) For the fiscal year ending September 30, 2025, ten million dollars ($10,000,000) shall be transferred from the Alabama 21st Century Fund to the Alabama Incentives Financing Authority to pay for project and project costs as defined in Section 41-10-541.
(e) For the fiscal year ending September 30, 2025, five million dollars ($5,000,000) shall be transferred from the Alabama 21st Century Fund to the Alabama Department of Commerce for the establishment of international offices, enhancement of rural development strategies, and to cover operational and personnel costs.