Alabama 2025 Regular Session

Alabama House Bill HB526 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	~~HB526ENGROSSED~~
	1	+	HB526INTRODUCED
2	2		Page 0
3	3		HB526
4		-	~~G3BRY62-2~~
	4	+	FK4F3C5-1
5	5		By Representative Brown
6	6		RFD: Ways and Means General Fund
7	7		First Read: 03-Apr-25
8	8		1
9	9		2
10	10		3
11	11		4
12		-	5 ~~HB526 Engrossed~~
	12	+	5 FK4F3C5-1 04/03/2025 JRF (F)JRF 2025-1532
13	13		Page 1
14	14		First Read: 03-Apr-25
	15	+	SYNOPSIS:
	16	+	Under existing law, the Alabama 21st Century
	17	+	Authority may issue bonds for economic development and
	18	+	industrial recruitment purposes, secured by tobacco
	19	+	settlement revenues received by the State of Alabama
	20	+	and deposited into the Alabama 21st Century Fund.
	21	+	This bill would allow the Alabama 21st Century
	22	+	Fund revenues to be used to pay other project costs and
	23	+	debt service on bonds issued by the State Industrial
	24	+	Development Authority. This bill would also transfer
	25	+	five million dollars ($5,000,000) from the Alabama 21st
	26	+	Century Fund to the Alabama Department of Commerce to
	27	+	further expand economic development by establishing
	28	+	international offices and increasing rural development
	29	+	strategy.
15	30		A BILL
16	31		TO BE ENTITLED
17	32		AN ACT
18	33		Relating to the Alabama 21st Century Authority; to
19	34		amend Section 41-10-629, Code of Alabama 1975, establishing
20	35		the Alabama 21st Century Fund; to allow funds not needed to
21	36		pay debt service on bonds of the authority to be used to pay
22		-	other project costs and debt service obligations of the State
23		-	Industrial Development Authority; to transfer five million
24		-	dollars ($5,000,000) from the fund to the Alabama Department
25		-	of Commerce for the establishment of international offices,
26		-	enhancement of rural development strategies, and to cover
27		-	operational and personnel costs.
28		-	BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
29		-	Section 1. Section 41-10-629, Code of Alabama 1975, is
30		-	amended to read as follows:
31		-	"§41-10-629
32		-	(a) For the benefit of the State of Alabama and the
33		-	citizensresidents thereof, there is hereby created a special
34		-	fund named the "Alabama 21st Century Fund" which shall be
35		-	funded with tobacco revenues and administered in accordance
36		-	with this division. The following amounts shall be retained in
37		-	the special fund in the following fiscal years and shall be
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65		-	28 HB526 ~~Engrossed~~
	64	+	28 HB526 INTRODUCED
66	65		Page 2
	66	+	pay debt service on bonds of the authority to be used to pay
	67	+	other project costs and debt service obligations of the State
	68	+	Industrial Development Authority; to transfer five million
	69	+	dollars ($5,000,000) from the fund to the Alabama Department
	70	+	of Commerce for the establishment of international offices and
	71	+	to increase rural development strategy.
	72	+	BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
	73	+	Section 1. Section 41-10-629, Code of Alabama 1975, is
	74	+	amended to read as follows:
	75	+	"§41-10-629
	76	+	(a) For the benefit of the State of Alabama and the
	77	+	citizensresidents thereof, there is hereby created a special
	78	+	fund named the "Alabama 21st Century Fund" which shall be
	79	+	funded with tobacco revenues and administered in accordance
	80	+	with this division. The following amounts shall be retained in
67	81		the special fund in the following fiscal years and shall be
68	82		used to pay principal, interest, and premium, if any, due on
69	83		bonds issued by the authority.
70	84		Fiscal Year Amount to be Retained
71	85		2000 $7,000,000
72	86		2001 9,000,000
73	87		2002 11,000,000
74	88		2003-2017 13,000,000
75	89		2018 and thereafter 16,000,000
76	90		Beginning in fiscal year 2018 and thereafter, sixteen
77		-	million dollars ($16,000,000) shall be retained in the special
78		-	fund and shall be used to pay principal, interest, and
79		-	premium, if any, due on bonds issued by the authority.
80		-	(b) Pending the use of revenues in the special fund for
81		-	the payment of debt service on the bonds, such revenues shall
82		-	be invested by the State Treasurer in permitted investments
83		-	until such revenues are needed for such purposes. Earnings on
84		-	such permitted investments shall remain a part of the special
85		-	fund. For the fiscal year ended September 30, 2015, twenty
86		-	million dollars ($20,000,000) shall be transferred from the
87		-	Alabama 21st Century Fund to the State General Fund. If amounts
88		-	in the special fund are no longer needed to pay obligations of
89		-	the Alabama 21st Century Authority, the authority must
90		-	maintain no less than 1.3 times the maximum annual debt
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116		-	54 HB526 ~~Engrossed~~
	116	+	54 HB526 INTRODUCED
117	117		Page 3
118		-	maintain no less than 1.3 times the maximum annual debt
119		-	service payable on all authority obligations. Funds in excess
120		-	thereof may be used for the following:
	118	+	Beginning in fiscal year 2018 and thereafter, sixteen
	119	+	million dollars ($16,000,000) shall be retained in the special
	120	+	fund and shall be used to pay principal, interest, and
	121	+	premium, if any, due on bonds issued by the authority.
	122	+	(b) Pending the use of revenues in the special fund for
	123	+	the payment of debt service on the bonds, such revenues shall
	124	+	be invested by the State Treasurer in permitted investments
	125	+	until such revenues are needed for such purposes. Earnings on
	126	+	such permitted investments shall remain a part of the special
	127	+	fund. For the fiscal year ended September 30, 2015, twenty
	128	+	million dollars ($20,000,000) shall be transferred from the
	129	+	Alabama 21st Century Fund to the State General Fund." If
	130	+	amounts in the special fund are no longer needed to pay
	131	+	obligations of the Alabama 21st Century Authority, the amount
	132	+	in the fund shall be used for the following:
121	133		(1) To pay for project and project costs as defined in
122	134		Section 41-10-541.
123	135		(2) To pay debt service on bonds issued by the Alabama
124	136		Incentives Financing Authority.
125		-	(3) For the fiscal year ending September 30, 2025, a
126		-	one-time transfer of $5,000,000 from the Alabama 21st Century
127		-	Fund to the Alabama Department of Commerce for the
128		-	establishment of international offices, enhancement of rural
129		-	development strategies, and to cover operational and personnel
130		-	costs.
131		-	(c) In addition to any uses permitted by law, the funds
132		-	of the Alabama 21st Century Authority may be used in any
133		-	manner consistent with this article as determined by
134		-	resolution of the authority. "
	137	+	(3) A one-time appropriation of $5,000,000 shall be
	138	+	transferred from the Alabama 21st Century Fund to the Alabama
	139	+	Department of Commerce for the establishment of international
	140	+	offices and to increase rural development strategy.
135	141		Section 2. This act shall become effective
136	142		immediately.
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154		-	72 HB526 Engrossed
155		-	Page 4
156		-	immediately.
157		-	House of Representatives
158		-	Read for the first time and referred
159		-	to the House of Representatives
160		-	committee on Ways and Means General
161		-	Fund
162		-	................03-Apr-25
163		-	Read for the second time and placed
164		-	on the calendar:
165		-	1 amendment
166		-	................09-Apr-25
167		-	Read for the third time and passed
168		-	as amended
169		-	Yeas 96
170		-	Nays 0
171		-	Abstains 3
172		-	................15-Apr-25
173		-	John Treadwell
174		-	Clerk
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