Title 41 — Title 41

The Legislature finds and declares the following: That the State of Alabama places a high priority on the recruitment of industries to locate or expand their operations in Alabama; that it is a vital economic development tool for the state to be able to offer strategic incentives…

(a) Except as otherwise expressly provided herein, words and phrases used in this division that are defined in Section 41-10-541, shall have the meanings assigned in such section. (b) The following words and phrases used in this division, and others evidently intended as the equi…

(a) The authority shall have, in addition to all other powers granted to it in Section 41-10-546, the power to issue bonds for the purpose of financing Y2K expenditures and, as security for the payment thereof, to pledge appropriated funds on a parity with the pledge thereof for …

The proceeds derived from the sale of bonds issued by the authority to finance Y2K expenditures shall be deposited in the State Treasury and shall be carried in a separate fund therein for the account of the authority, which shall pay therefrom the expenses of issuance thereof. T…

The state Finance Director shall report to the Lieutenant Governor, the President Pro Tempore of the Senate, and the Speaker of the House any purchase of Y2K related equipment or services by the Alabama Incentives Finance Authority within 30 working days after the purchase. Any c…

(a) The authority shall pay out of the proceeds from the sale of any of the bonds all expenses, including fees of agents and attorneys and other charges, which said board of directors may deem necessary or advantageous in connection with the issuance of the bonds. The proceeds of…

Authority; Use of Bonds as Security for Deposits of State Funds; Investment of Trust Funds in Bonds. (a) The properties of the authority and the income therefrom and all lease agreements made by the authority and income therefrom shall be forever exempt from any and all taxation …

All debts assumed or created by the authority and all bonds issued by it shall be solely and exclusively obligations of the authority and shall not be obligations or debts of the State of Alabama. All contracts and agreements made by the authority pursuant to the provisions of th…

This division shall be known and may be cited as the “Alabama 21st Century Fund Act.” History: (Act 99-353, p. 538, §2.)

(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 desirabl…

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 …

(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…

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 …

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 jurisdic…

(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 bo…

(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 be…

(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 if th…

(a) For the benefit of the State of Alabama and the residents 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 retain…

Creation of Statutory Lien Upon Facilities and Properties Thereof for Payment of Principal and Interest on Bonds; Remedies Upon Default in Payment of Principal or Interest on Bonds. (a) In the proceedings authorizing the issuance of any of its bonds, the authority is hereby autho…

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…

(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…

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 fro…

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 powe…

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. History: (Acts 99-353, p. 538, §15.)

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 of…

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. History: (Act 99-353, p. 538, §17.)

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

(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 …

This division being remedial in nature, it shall be liberally construed to effect its purpose. History: (Act 99-353, p. 538, §20.)

on Bonds of Authority and Maintenance, Etc., of Facilities Thereof. For the purpose of providing funds for the payment of the costs and expenses necessary to accomplish the purpose of this authority and for the payment of the principal of and interest on any bonds issued by the a…

Transferred to §41-10-723 by Act 2010-220, p. 365, §3, effective March 22, 2010. History: (Act 2009-563, §2.)

Transferred to §41-10-724 by Act 2010-220, p. 365, §3, effective March 22, 2010. History: (Act 2009-563, §2.)

Transferred to §41-10-725 by Act 2010-220, p. 365, §3, effective March 22, 2010. History: (Act 2009-563, §2.)

Transferred to §41-10-726 by Act 2010-220, p. 365, §3, effective March 22, 2010. History: (Act 2009-563, §2.)

Nothing in Act 2009-563 shall apply to anyone licensed by the Home Builders Licensure Board or any subcontractor working on any residential project falling under the jurisdiction of the Alabama Home Builders Licensure Board or those specifically exempted under the provisions of T…

Records Pertaining Thereto by State Treasurer. Out of the revenues referred to in Section 41-10-64, the State Treasurer is authorized and directed to pay the principal of and interest on the bonds issued by the authority under the provisions of this chapter as such principal and …

This division shall be known and may be cited as the “Job Development Act of 1999.” History: (Act 99-391, p. 641, §2.)

(a) The Legislature finds and declares the following: (1) That it is appropriate and necessary that measures be taken to secure to the citizens of the state the benefits of a strengthening economy resulting from increased industrial development. That among these benefits are dive…

When used in this division, the following terms shall have the following meanings unless the context clearly indicates otherwise: (1) ANCILLARY COSTS shall mean the costs incurred in acquiring and constructing public improvements that benefit all or any part of the project includ…

The authority shall have, in addition to all powers heretofore granted to the authority pursuant to Division 1, the following powers: (1) To sell and issue the bonds authorized herein for the purposes specified herein. (2) To pledge the pledged revenues as security for the paymen…

(a) General authorization to issue bonds. The authority is authorized from time to time to sell and issue the bonds in one or more series in an aggregate principal amount of up to fifty million dollars ($50,000,000) in order to provide the funds to pay project costs, ancillary co…

There is hereby irrevocably pledged and appropriated such amount of pledged revenues deposited in the special fund, and earnings thereon, as may be necessary to pay and to redeem prior to their respective maturities the principal, interest and premium, if any, on the bonds; provi…

(a) The proceeds derived from the sale of the bonds shall be deposited in the State Treasury and shall be carried in a separate fund therein for the account of the authority. The proceeds from the sale of the bonds remaining after payment of the expenses of issuance thereof shall…

In addition to the power to finance the payment of training costs through the issuance of the bonds, the authority may, if it determines that it is in the best interests of the state to do so, pay such training costs directly out of pledged revenues in the special fund, provided …

This division being remedial in nature, it shall be liberally construed to effect its purpose. History: (Act 99-391, p. 641, §10.)

Thereof. At least once every 12 months subsequent to the formation of the authority, the authority shall appoint and employ a certified public accountant who shall make an examination in detail of all books and accounts of the authority since the preceding examination and make a …

Structures; Supervision, Etc., of Construction; Payments to Contractors; Agreement of Authority and Division of Construction Management of the Department of Finance as to Construction Cost Estimate. All facilities, buildings, and structures constructed by the authority shall be c…

This division shall be known and may be cited as the “Job Development Act of 2001.” History: (Act 2001-691, p. 1430, §2.)

(a) The Legislature finds and declares the following: (1) That it is appropriate and necessary that measures be taken to secure to the citizens of the state the benefits of a strengthening economy resulting from increased industrial development. That among these benefits are dive…

When used in this division, the following terms shall have the following meanings unless the context clearly indicates otherwise: (1) ANCILLARY COSTS shall mean the costs incurred in acquiring and constructing public improvements that benefit all or any part of the projects inclu…