Section 41-10-620 – Short Title.

Section 41-10-620 Short title. This division shall be known and may be cited as the “Alabama 21st Century Fund Act.” (Act 99-353, p. 538, §2.)

Section 41-10-621 – Legislative Findings and Purpose.

Section 41-10-621 Legislative findings and purpose. (a) The Legislature finds and declares the following: (1) The State of Alabama has a great need from time to time to have access to financing for economic development and industrial recruitment that does not involve improvements to revenue-producing facilities. (2) It is desirable and in the public interest […]

Section 41-10-622 – Definitions.

Section 41-10-622 Definitions. When used in this division, the following terms shall have the following meanings, unless the context clearly indicates otherwise: (1) APPROPRIATED FUNDS. The tobacco revenues deposited in the special fund to the extent such revenues are appropriated to the authority pursuant to Section 41-10-630. (2) AUTHORITY. The Alabama 21st Century Authority authorized […]

Section 41-10-623 – Incorporation of Authority Authorized; Application; Filing.

Section 41-10-623 Incorporation of authority authorized; application; filing. (a) To become a public corporation and instrumentality of the state with the powers herein provided, the Governor, the state Commissioner of Revenue, and the Director of Finance shall present to the Secretary of State of Alabama an application signed by them which shall set forth all […]

Section 41-10-624 – Members, Officers, and Directors.

Section 41-10-624 Members, officers, and directors. The applicants named in the application and their respective successors in office shall constitute the members of the authority. The Governor shall be the president of the authority, the state Commissioner of Revenue shall be the vice president, and the Director of Finance shall be the secretary. The State […]

Section 41-10-625 – Powers of the Authority.

Section 41-10-625 Powers of the authority. The authority shall have, in addition to all other powers granted to it in this division, all of the following powers: (1) To have succession by its corporate name until dissolved as herein provided. (2) To institute and defend legal proceedings in any court of competent jurisdiction and proper […]

Section 41-10-626 – Bonds of the Authority.

Section 41-10-626 Bonds of the authority. (a) General. The authority is authorized from time to time to sell and issue its bonds in limited amounts and for the purpose of promoting economic development and industrial recruitment as specified by the Legislature from time to time by separate act, provided that refunding bonds may be issued […]

Section 41-10-627 – Refunding Bonds.

Section 41-10-627 Refunding bonds. (a) Any bonds issued by the authority may from time to time be refunded by the issuance, sale, or exchange of refunding bonds for the purpose of paying the following items: (1) All or any part of the principal of the bonds to be refunded. (2) Any redemption premium required to […]

Section 41-10-628 – Disposition of Proceeds of Bonds.

Section 41-10-628 Disposition of proceeds of bonds. (a) The authority is authorized and empowered to apply the proceeds of any bonds for any of the following purposes or uses: (1) For the purposes for which the bonds were authorized to be issued. (2) To fund any reserve fund established in connection with an authorized issue […]

Section 41-10-629 – Alabama 21st Century Fund.

Section 41-10-629 Alabama 21st Century Fund. For the benefit of the State of Alabama and the citizens 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 […]

Section 41-10-630 – Pledge and Appropriation of Tobacco Revenues to Redeem Bonds.

Section 41-10-630 Pledge and appropriation of tobacco revenues to redeem bonds. There is hereby irrevocably pledged and appropriated such amounts of tobacco revenues retained in the special fund, and earnings thereon, as shall be necessary to pay and to redeem prior to their respective maturities the principal, interest, and premium, if any, on the authority’s […]

Section 41-10-631 – Notice; Contested Actions.

Section 41-10-631 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 in […]

Section 41-10-632 – Tax Exemption.

Section 41-10-632 Tax exemption. The income and property of the authority, all bonds of the authority and the interest paid on any such bonds, all conveyances by or to the authority, and all instruments by and to the authority shall be exempt from all taxation in the state. The authority shall also be exempt from […]

Section 41-10-633 – Notice and Hearing Not Required.

Section 41-10-633 Notice and hearing not required. Except as may be expressly provided in this division, no proceeding, notice, or approval shall be required for the issuance of any bonds by the authority, the execution of any mortgage and deed of trust, trust indenture, or other document, or the exercise of any other of the […]

Section 41-10-634 – Application of Other Laws.

Section 41-10-634 Application of other laws. Articles 2 and 3 of Chapter 16 of this title, and other similar laws shall not apply to the authority, its directors, or any of its officers, agents, or employees in their capacities as such. (Acts 99-353, p. 538, §15.)

Section 41-10-635 – Dissolution.

Section 41-10-635 Dissolution. At any time when no bonds of the authority are outstanding, the authority may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of the directors of the authority and sworn to by each director before an officer authorized to […]

Section 41-10-636 – Racial and Ethnic Diversity.

Section 41-10-636 Racial and ethnic diversity. The Alabama 21st Century Authority shall, to the extent practical, utilize businesses and companies in all aspects of the bond and construction sections of this division that reflect the racial and ethnic diversity of the state. (Act 99-353, p. 538, §17.)

Section 41-10-637 – Utilization of Services Provided by Department of Finance.

Section 41-10-637 Utilization of services provided by Department of Finance. The authority shall utilize all administrative services which may be provided by the state Department of Finance. (Act 99-353, p. 538, §18.)

Section 41-10-638 – Transfers From the Special Fund.

Section 41-10-638 Transfers from the special fund. (a) All monies in the special fund in excess of the monies to be retained therein as provided in Section 41-10-629 shall be immediately transferred by the authority as follows: (1) Anything in Act 98-382, now appearing in Sections 41-15B-1 to 41-15B-4, inclusive, to the contrary notwithstanding, tobacco […]

Section 41-10-639 – Liberal Construction.

Section 41-10-639 Liberal construction. This division being remedial in nature, it shall be liberally construed to effect its purpose. (Act 99-353, p. 538, §20.)