Alabama § 41-29-3.2 Alabama Development Fund

Alabama Statutes

§ 41-29-3.2 — Alabama Development Fund

Alabama § 41-29-3.2

Title 41State Government

Ch. 29Department of Commerce

Art. 1General Provisions

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Bluebook

Ala. Code § 41-29-3.2 (2026).

Text

(a)There is created in the State Treasury a fund to be known as the Alabama Development Fund, which shall be administered by the Department of Commerce. Funds received by the State of Alabama from the following sources shall be deposited into the fund:

(i)monies received from taxes collected under Chapter 9I of Title 40;

(ii)monies appropriated or otherwise made available by the Legislature in any manner excluding State General Fund or Education Trust Fund monies;

(iii)proceeds of any gifts, grants, or contributions; and (iv) monies from any other source designated for deposit into the fund, but not including monies subject to a constitutional designation for some other purpose.

(b)No monies shall be withdrawn or expended from the fund for any purpose unless the monies have been appro

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(a) There is created in the State Treasury a fund to be known as the Alabama Development Fund, which shall be administered by the Department of Commerce. Funds received by the State of Alabama from the following sources shall be deposited into the fund: (i) monies received from taxes collected under Chapter 9I of Title 40; (ii) monies appropriated or otherwise made available by the Legislature in any manner excluding State General Fund or Education Trust Fund monies; (iii) proceeds of any gifts, grants, or contributions; and (iv) monies from any other source designated for deposit into the fund, but not including monies subject to a constitutional designation for some other purpose.
(b) No monies shall be withdrawn or expended from the fund for any purpose unless the monies have been appropriated by the Legislature and allocated pursuant to applicable law. Any monies appropriated shall be budgeted and allotted pursuant to the Budget Management Act in accordance with Article 4 of Chapter 4 of this title and only in the amounts provided by the Legislature in the general appropriations act or other appropriations act.
(c) Unexpended amounts remaining in the fund at the end of each fiscal year shall not revert to the State Treasury at the end of any fiscal year but shall be carried forward to the succeeding fiscal year.
(d) The Alabama Department of Commerce may administer the expenditure of funds in the Alabama Development Fund in furtherance of economic development.