Alabama § 41-9-215 Commitment to Provide Economic Development Funds; Contract Containing Conditions of Project

Alabama Statutes

§ 41-9-215 — Commitment to Provide Economic Development Funds; Contract Containing Conditions of Project

Alabama·Title 41 State Government·Ch. 9 Boards and Commissions·Art. 8B State Economic Development Funds Committment; Parties Required to Enter Written Contract Within Specified Time

(a)After May 4, 2011, no commitment made by the state to provide economic development funds as an incentive for a company to build or expand in this state shall be valid unless the state and the company to whom the commitment was made, within five years of the date of the commitment, enter into a mutually acceptable written contract outlining the conditions of the project.

(b)Any commitment made by the state before May 4, 2011, in which the state and the company to whom the commitment was made have not entered into a mutually acceptable written contract outlining the conditions of the project is void after five years from the date of the commitment or one year after May 4, 2011, whichever is later.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) After May 4, 2011, no commitment made by the state to provide economic development funds as an incentive for a company to build or expand in this state shall be valid unless the state and the company to whom the commitment was made, within five years of the date of the commitment, enter into a mutually acceptable written contract outlining the conditions of the project.
(b) Any commitment made by the state before May 4, 2011, in which the state and the company to whom the commitment was made have not entered into a mutually acceptable written contract outlining the conditions of the project is void after five years from the date of the commitment or one year after May 4, 2011, whichever is later.

Alabama § 41-9-215 (Commitment to Provide Economic Development Funds; Contract Containing Conditions of Project) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.