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 in the following fiscal years and shall be used to pay principal, interest, and premium, if any, due on bonds issued by the authority.
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. For the fiscal year ended September 30, 2015, twenty million dollars ($20,000,000) shall be transferred from the Alabama 21st Century Fund to the State General Fund.
Structure Code of Alabama
Article 17 - Alabama 21st Century Authority.
Division 1 - Authority Generally.
Section 41-10-620 - Short Title.
Section 41-10-621 - Legislative Findings and Purpose.
Section 41-10-622 - Definitions.
Section 41-10-623 - Incorporation of Authority Authorized; Application; Filing.
Section 41-10-624 - Members, Officers, and Directors.
Section 41-10-625 - Powers of the Authority.
Section 41-10-626 - Bonds of the Authority.
Section 41-10-627 - Refunding Bonds.
Section 41-10-628 - Disposition of Proceeds of Bonds.
Section 41-10-629 - Alabama 21st Century Fund.
Section 41-10-630 - Pledge and Appropriation of Tobacco Revenues to Redeem Bonds.
Section 41-10-631 - Notice; Contested Actions.
Section 41-10-632 - Tax Exemption.
Section 41-10-633 - Notice and Hearing Not Required.
Section 41-10-634 - Application of Other Laws.
Section 41-10-635 - Dissolution.
Section 41-10-636 - Racial and Ethnic Diversity.
Section 41-10-637 - Utilization of Services Provided by Department of Finance.
Section 41-10-638 - Transfers From the Special Fund.
Section 41-10-639 - Liberal Construction.
Section 41-10-640 - Alabama Construction Recruitment Institute - Application.
Section 41-10-641 - Alabama Construction Recruitment Institute - Board of Directors.
Section 41-10-642 - Alabama Construction Recruitment Institute - Powers.
Section 41-10-643 - Alabama Construction Recruitment Institute - Records.