Title 41

(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 determin…

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. (Act 2023-35, §1)

This article shall be known and may be cited as the Powering Growth Act. (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…

(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 purpos…

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…

(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 in the deno…

(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. (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 …

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

When used in this article, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) STATE. The State of Alabama. (2) COUNTY. Jefferson County in this state. (3) AUTHORITY. The Southern Products Mart Authority authori…

It is the intention of the Legislature by the passage of this article to authorize the incorporation of the Director of Finance, the Secretary of the Alabama Department of Commerce, the State Treasurer, and the Executive Secretary to the Governor for the purpose of acquiring land…

(a) The Director of Finance, the Secretary of the Alabama Department of Commerce, the State Treasurer and the Executive Secretary to the Governor are hereby authorized to become a corporation, with the powers and authorities provided for in this article, by proceeding according t…

(a) The authority shall have the following powers: (1) To have succession by its corporate name until it is dissolved; (2) To adopt bylaws for the regulation of its affairs and the conduct of its business; (3) To adopt and use an official seal and alter the same at pleasure; (4) …

Bonds of the authority may be sold from time to time as the board of directors may deem advantageous; provided, that the aggregate principal amount of bonds of the authority which may be issued under this article shall be limited to $20,000,000.00, but the said limitation shall n…

(a) Any resolution authorizing any bonds under this article 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, no…

The bonds shall be signed by the president of the authority and attested by its secretary, and all interest coupons applicable to the bonds shall be signed by the president of the authority; provided, that a facsimile of the signature of one, but not of both, of said officers may…

(a) Any of the bonds may be sold at any time and from time to time as said board of directors may deem advantageous. The bonds must be sold only at public sale, either on sealed bids or at public auction, to the bidder whose bid reflects the lowest net interest cost to the author…

Subject to the provisions contained in this article, the authority may from time to time sell and issue refunding bonds for the purpose of refunding any matured or unmatured bonds of the authority issued under this article and then outstanding, together with any premium that may …

(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…

(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 in the State of Alabama. The bonds of the authority and the income therefrom shall be forever exempt …

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…

(a) In the proceedings authorizing the issuance of any of its bonds, the authority is hereby authorized and empowered to pledge for the payment of the principal of and interest on such bonds, as the said principal and interest shall respectively mature, and to agree to use solely…

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 authority under the provisions of this article, there is hereby creat…

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 interest shall respectively mature, and he or s…

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 full repo…

All facilities, buildings, and structures constructed by the authority shall be constructed according to plans and specifications of architects or engineers selected by the authority. Such construction shall be done under the supervision and direction of the Division of Construct…

The authority and any person are hereby authorized to enter into a lease or leases for the use and occupancy of any or all property of the authority or for the use and occupancy of any space in or all of any buildings or facilities constructed by the authority under the provision…

(a) When all bonds issued by the authority and all obligations assumed by it under the provisions of this article shall have been paid in full, the president of the authority shall thereupon execute and deliver in the name of and in behalf of the authority an appropriate deed or …

The governing body is authorized in its discretion to invest in bonds of the corporation any idle or surplus money held in the treasury of the county which is not otherwise earmarked or pledged. (Acts 1965, 1st Ex. Sess., No. 174, p. 224, §24.)

Bonds issued under the provisions of this article are hereby made legal investments for executors, administrators, trustees, and other fiduciaries and for savings banks and insurance companies organized under the laws of the state. (Acts 1965, 1st Ex. Sess., No. 174, p. 224, §25.…

(a) Remedies upon default on bonds or indenture. If there shall be any default in the payment of the principal of or interest on any of the bonds issued under this article, or in the performance of any provisions of the indenture or proceedings authorizing the issuance of such bo…

(a) Leases to municipality, county, or state. The corporation, the municipality, the county, and the state are hereby respectively authorized to enter into with each other one or more lease agreements whereunder a project or any part thereof shall be leased by the corporation to …

The corporation or any lessee of the project or a part thereof shall have the right to conduct such exhibits, contests, and sporting events in a project or any part thereof as in the judgment of the board may be in the public interest or as may tend to promote and develop trade, …