Section 41-10-768 – Legislative Intent.
Section 41-10-768 Legislative intent. It is the intent of the Legislature that payments allocated in Section 41-10-757 to the Alabama Trust Fund for the purpose of repaying amounts transferred to the State General Fund pursuant to Section 4 of Amendment 856 to the Constitution of Alabama of 1901 shall be in lieu of the fiscal […]
Section 41-10-769 – Liberal Construction.
Section 41-10-769 Liberal construction. This article and Section 18 of Act 2015-540, as amended by Act 2016-469 shall be liberally construed to effect its purpose. (Act 2016-469, 1st Sp Sess., §22.)
Section 41-10-800 – Legislative Findings.
Section 41-10-800 Legislative findings. The Legislature finds and declares all of the following: (1) On July 16, 2020, the Governor issued Executive Order No. 720, establishing the Alabama Innovation Commission to “identify policies that will promote entrepreneurship, innovation, and related opportunities in the State of Alabama.” (2) The commission has issued an interim report outlining […]
Section 41-10-801 – Definitions.
Section 41-10-801 Definitions. For the purposes of this article, the following terms shall have the following meanings: (1) ASPIRING ALABAMIAN. A person who has less than one hundred thousand dollars ($100,000) of household net worth and who satisfies at least one of the following criteria: a. The person has a principal residence in a community […]
Section 41-10-802 – Incorporation.
Section 41-10-802 Incorporation. (a) The Governor, the Speaker of the House of Representatives, and the President Pro Tempore of the Senate shall present to the Secretary of State an application, signed by each of them, for the formation of the Alabama Innovation Corporation, as a public corporation, having a legal existence separate and apart from […]
Section 41-10-803 – Board of Directors.
Section 41-10-803 Board of directors. (a) The corporation shall be under the management and control of a board of directors, and all powers necessary or appropriate for the management and control of the corporation shall be vested solely in the board. The board shall be comprised of both ex officio directors and at-large directors, all […]
Section 41-10-804 – Powers of the Board.
Section 41-10-804 Powers of the board. (a) The board shall have all of the powers necessary to carry out and effectuate the purposes of this article. The foregoing sentence shall be construed broadly, so that the failure to state a power of the board shall not be considered a limitation upon the board, so long […]
Section 41-10-805 – Corporation Contracts.
Section 41-10-805 Corporation contracts. The board may enter into contracts, leases, agreements, investments, and may otherwise expend monies without compliance with Article 2, commencing with Section 41-16-20, of Chapter 16 of Title 41, and Chapter 2 of Title 39, or any requirements relating to the procurement of professional service providers in Section 41-16-72. Solely as […]
Section 41-10-760 – Notice – Contested Actions.
Section 41-10-760 Notice – Contested actions. (a) Upon the adoption by the directors of any resolution providing for the issuance of bonds, the authority may cause to be published once a week for two consecutive weeks, in newspapers published or having a general circulation in the Cities of Birmingham, Montgomery, Huntsville, and Mobile, a notice […]
Section 41-10-806 – Alabama Innovation Fund – Created.
Section 41-10-806 Alabama Innovation Fund – Created. (a)(1) For the benefit of the state and the residents thereof, there is created an irrevocable fund named the Alabama Innovation Fund, which shall be funded from all of the following sources: a. Proceeds of any gifts, grants, or contributions. b. Revenue sources as directed by, and at […]