Title 41 — Title 41

All bonds issued by the authority shall be construed to have all the qualities and incidents of negotiable instruments subject to the registration provisions pertaining to transfers. History: (Acts 1990, No. 90-602, p. 1079, §16.)

All obligations incurred by the authority and all bonds issued by it shall be solely and exclusively an obligation of the authority and shall not create an obligation or debt of the State of Alabama. History: (Acts 1990, No. 90-602, p. 1079, §17.)

Funds. The state and all public officers, municipal corporations, political subdivisions, and public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons…

All proceeds derived from the sale of any bonds (except refunding bonds) sold by the authority remaining after payment of the expenses of issuance thereof and the funding of any required reserve or replacement fund shall be turned over to the State Treasurer, shall be carried by …

The proceeds of refunding bonds shall be applied, together with any other moneys legally available therefor, to the payment of the expenses authorized by this article and to the payment of the principal of, premium, if any, and interest due and to become due on any outstanding bo…

This article shall be known and may be cited as the Site Evaluation Economic Development Strategy. History: (Act 2023-35, §1)

As used in this article, the following terms have the following meanings: (1) AUTHORITY. The public corporation organized pursuant to Article 2. (2) BOARD. The board of directors of the authority. (3) COMPANY. Any person that has employees and conducts an activity listed in Secti…

Agreements. (a) Any local economic development organization may apply to the authority for a site assessment grant. (b) Before making a site assessment grant, the authority shall make all of the following findings: (1) The site is owned by a local economic development organizatio…

Requirements, and Agreements. (a) Any local economic development organization may apply to the authority for a site development grant. (b) Before making a site development grant, the authority shall make both of the following findings: (1) The site is comprised of at least 75 con…

(a) For the benefit of the state and the residents of the state, there is created an irrevocable fund named the Alabama Site Development Fund, which shall be funded from all of the following sources: (1) Proceeds of any gifts, grants, or contributions. (2) Revenue sources as dire…

(a) The funds shall be held in perpetual trust and shall not be appropriated by the Legislature or expended or disbursed for any purpose other than as provided in this article. The board may expend the fund’s earnings and principal in furtherance of its purposes. (b)(1) To the ex…

The Legislature recognizes that economic conditions may require the consideration of a grant for a site that does not meet one or more requirements of Section 41-10- 47.03(b) or 41-10-47.04(b). The board, by majority vote, may cause a grant to be made so long as the board determi…

The authority may contract with and rely on one or more statewide economic development organizations in implementing this article. The authority may enter into such contracts, leases, agreements, and investments and may otherwise expend monies without compliance with Article 5 of…

The authority shall report annually to each member of the Legislature on the number, amount, and location of site grants distributed by the authority. History: (Act 2023-35, §1)

The Governor of Alabama is authorized to execute and deliver immediately before or simultaneously with the issuance of the first bonds of the authority an appropriate deed or deeds conveying to the authority any land belonging to the state situated in the City and County of Montg…

For the purpose of providing funds for the payment of the principal of and interest on the bonds issued by the authority under the provisions of this article, there is hereby created and irrevocably pledged to the payment of such obligations a special and continuing trust fund wh…

In the proceedings authorizing the issuance of any of its bonds, the authority is authorized and empowered to pledge for the payment of the principal of and interest on such bonds at the respective maturities of said principal and interest, and to agree to use solely for such pur…

Out of the revenues referred to in Section 41-10-471, the State Treasurer is authorized and directed to pay the principal of and interest on the bonds as such principal and interest shall respectively mature, and he or she is further authorized and directed to set up and maintain…

Payments. The authority and the executive head of any agency, board, commission, public corporation, bureau, or department of the State of Alabama, or the successor in office and duties of such executive head, are hereby authorized to enter into a lease or leases for the use and …

Any resolution authorizing any bonds hereunder shall contain a recital that they are issued pursuant to the provisions of this article, which recital shall be conclusive evidence that said bonds have been duly authorized pursuant to the provisions of this article, notwithstanding…

Investment of Funds. The authority shall have the power to make such payments to the United States of America as the directors deem necessary to cause the interest on any bonds of the authority to be and remain exempt from federal income taxation. The authority shall have the pow…

When all securities issued by the authority and all obligations assumed by it under the provisions of this article shall have been paid in full, the then president of the authority shall thereupon execute and deliver in the name of and in behalf of the authority an appropriate de…

This article shall be known and may be cited as the Powering Growth Act. History: (Act 2025-394, §1.)

(a) The Legislature finds and declares the following: (1) That Alabama’s new strategic economic growth plan for the next decade identifies 10 target sectors, including metals and advanced materials, chemical manufacturing, and technology, that utilize a significant amount of ener…

For the purposes of this article, the following words shall have the following meanings: (1) AUTHORITY. The State Industrial Development Authority. (2) BONDS. Includes bonds, notes, or other evidence of indebtedness except as otherwise provided in this article. (3) ELECTRIC PROVI…

Fund. (a) There is created within the authority a division to be known as the Alabama Energy Infrastructure Bank. (b) In recognition of increasing concerns regarding energy capacity and the resilience of Alabama’s energy infrastructure for current and future needs, the corporate …

In addition to the powers granted to the authority in Section 41-10-26, Division 2 of Article 2 of this chapter, Article 2A of this chapter, and Article 2D of this chapter, with respect to the energy bank and the energy fund, the authority shall have the following additional powe…

(a) In considering applications for eligible projects, the authority may request additional input from external experts as to the urgency of the energy infrastructure project, the ability of the applicant to execute the project within the stated time frame, and other assistance a…

(a)(1) An electric provider (or more than one electric providers in a joint application) may apply to the authority for the purposes of obtaining financial assistance to support an eligible project. An application under this subsection shall include: a. A detailed summary of the …

(a) The authority may use the following sources to capitalize the energy fund and to carry out its purposes of this article: (1) Tobacco settlement funds from the Alabama 21st Century Fund. (2) Federal funds made available to the state for the energy bank or for eligible projects…

(a) Whenever the authority determines that it is necessary that monies be raised for eligible projects, including monies to be used to refund any bonds then outstanding, the authority may issue bonds as provided in this article. (b) The authority may pledge any of its revenue or …

Bonds or other financial assistance issued by the authority shall not constitute an obligation or debt of this state, or any of its political subdivisions, but shall be limited obligations of the authority payable solely from the revenue, money, or property of the authority pledg…

Execution. (a)(1) The bonds of the authority must be authorized by a resolution of the authority. (2) The bonds shall bear the date and mature at the time that the resolution provides, except that no bond may mature more than 40 years from its date of issue. (3) The bonds may be …

(a) For the benefit of the state and the residents of the state, there is created in the State Treasury an irrevocable fund named the Strategic Energy Infrastructure Development Fund. From June 1, 2025, through the fiscal year ending September 30, 2030, the funding under the stra…

(a)(1) An electric provider and an economic development prospect or electric providers jointly may submit a joint application for funding from the strategic development fund if the provision of funding from the strategic development fund will facilitate an economic development pr…

(a) Following the close of each state fiscal year, the authority shall submit an annual report on the activities of the energy bank and use of the strategic development fund for the preceding year to the Governor and to the Legislature. The authority also shall submit an annual r…

The authority may enter into contracts, agreements, and investments and may otherwise expend monies without compliance with Chapter 2 of Title 39, Article 5 of Chapter 4 of this title, or Chapter 16 of this title. History: (Act 2025-394, §1.)

(a) This article, being for the welfare of this state and its inhabitants, shall be liberally construed to affect the purposes specified. (b) In no event does this article authorize any electric provider to provide retail electric service except as permitted under the applicable …

For the purposes of this article, the following terms shall have the meanings respectively ascribed to them by this section: (1) AUTHORITY. The public corporation organized pursuant to the provisions of this article. (2) CODE. The Code of Alabama 1975, as amended. (3) REFUNDING B…

It is the intent of the Legislature, by the passage of this article, to authorize the incorporation of a public corporation for the purposes of acquiring land, constructing and equipping facilities, leasing such facilities to state agencies (or others, to the extent provided for …

The state Finance Director, the state Budget Officer and one person appointed by the Governor, one person appointed by the Speaker of the House, and one person appointed by the Lieutenant Governor, may become a public corporation with the power and authority provided in this arti…

To become a corporation, the individuals selected pursuant to Section 41-10-492 shall present to the Secretary of State of Alabama an application signed by them which shall set forth: (1) The name and residence of each of the applicants, together with a certified copy of all docu…

When the application has been made, filed, and recorded as provided in Section 41-10-493, the Secretary of State shall make and issue to the applicants a certificate of incorporation pursuant to this article, under the Great Seal of the State, and shall record the certificate wit…

The applicants named in the application and their respective successors in office shall constitute the members of the authority. The members shall be eligible to succeed themselves. The members of the authority shall constitute all the members of the board of directors of the aut…

All resolutions adopted by the board of directors shall constitute actions of the authority, and all proceedings of the board of directors shall be reduced to writing by the secretary of the authority, shall be signed by the members of the authority and shall be recorded in a sub…

The authority shall have the following powers among others specified in this article: (1) To have succession in its corporate name until the principal of and interest on all bonds issued by it shall have been fully paid and until it shall have been dissolved as provided herein; (…

In anticipation of issuance of bonds under this article, the authority may, from time to time, borrow such sums as may be needed for any of the purposes for which bonds are authorized to be issued under this article, and in evidence of the moneys so borrowed by issue of its promi…

The bonds and notes of the authority shall be executed by the manual or facsimile signature of either its president or its secretary, as shall be provided in the resolution under which such securities shall be issued, and the seal of the authority or a facsimile thereof shall be …

This article shall be known as and may be cited as the Southern Products Mart Authority Act. History: (Acts 1973, No. 1210, p. 2032, §21.)

For the purpose of providing funds for the acquisition of sites, for the construction, reconstruction, alteration, and improvement of facilities, for the procurement and installation of equipment therefor and for payment of obligations incurred and the principal of and interest o…