Alabama 2025 Regular Session

Alabama Senate Bill SB304 Compare Versions

Only one version of the bill is available at this time.

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1	1	SB304INTRODUCED
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3	3	SB304
4	4	CX6ZNQJ-1
5	5	By Senators Orr, Livingston, Allen, Sessions, Price, Chesteen,
6	6	Williams, Melson, Singleton, Roberts, Carnley, Bell, Kitchens
7	7	RFD: Fiscal Responsibility and Economic Development
8	8	First Read: 08-Apr-25
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15	15	7 CX6ZNQJ-1 04/08/2025 RA (F) RA 2025-1578
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17	17	First Read: 08-Apr-25
18	18	SYNOPSIS:
19	19	This bill would enact the Powering Growth Act.
20	20	This bill would create the Alabama Energy
21	21	Infrastructure Bank as a division within the State
22	22	Industrial Development Authority for the purpose of
23	23	selecting and assisting in the financing of qualified
24	24	energy infrastructure projects necessary to meet the
25	25	energy demands of economic development and industrial
26	26	recruitment projects throughout the State of Alabama.
27	27	The bill would specify sources for
28	28	capitalization and liability of the bank, as well as
29	29	the procedures for the bank to provide loans to
30	30	electric providers.
31	31	This bill would authorize the bank to issue
32	32	bonds for certain qualified projects under certain
33	33	conditions, secured by various revenue sources made
34	34	available to the bank.
35	35	This bill would also establish the Strategic
36	36	Energy Infrastructure Development Fund within the State
37	37	Treasury and provide for its funding and use by the
38	38	State Industrial Development Authority, to purchase or
39	39	otherwise obtain long lead-time energy infrastructure
40	40	equipment and support for industrial site needs
41	41	throughout the state.
42	42	This bill would require the authority to submit an
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72	72	This bill would require the authority to submit an
73	73	annual report to the Governor and the Legislature regarding
74	74	the activities of the infrastructure bank and use of the
75	75	strategic development fund.
76	76	A BILL
77	77	TO BE ENTITLED
78	78	AN ACT
79	79	Relating to energy infrastructure; to add Article 2E,
80	80	Chapter 10, Title 41, commencing with Section 41-10-48.01, to
81	81	the Code of Alabama 1975; to enact the Powering Growth Act; to
82	82	establish the Alabama Energy Infrastructure Bank as a division
83	83	within the State Industrial Development Authority for the
84	84	purpose of selecting and assisting in the financing of
85	85	qualified energy infrastructure projects necessary to meet the
86	86	energy demands of economic development and industrial
87	87	recruitment projects throughout the State of Alabama; to
88	88	provide for the sources of capitalization and liability of the
89	89	bank; to provide procedures for the issuance of loans to
90	90	electric providers; to authorize the bank to issue bonds under
91	91	certain conditions, secured by various revenue sources made
92	92	available to the bank; to establish the Strategic Energy
93	93	Infrastructure Development Fund within the State Treasury
94	94	under the State Industrial Development Authority and provide
95	95	for its funding; to authorize the State Industrial Development
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125	125	for its funding; to authorize the State Industrial Development
126	126	Authority to use the fund to purchase or otherwise obtain long
127	127	lead-time energy infrastructure equipment and support for
128	128	industrial site needs throughout the state; to establish a
129	129	process to sell and distribute equipment procured by the fund;
130	130	and to require the authority to submit an annual report to the
131	131	Governor and Legislature regarding the activities of the bank
132	132	and use of the strategic development fund.
133	133	BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
134	134	Section 1. Article 2E, Chapter 10, Title 41, commencing
135	135	with Section 41-10-48.01, is added to the Code of Alabama
136	136	1975, as follows:
137	137	§41-10-48.01
138	138	This act shall be known and may be sited as the
139	139	Powering Growth Act.
140	140	§41-10-48.02
141	141	(a) The Legislature finds and declares the following:
142	142	(1) That Alabama's new strategic economic growth plan
143	143	for the next decade identifies 10 target sectors, including
144	144	metals and advanced materials, chemical manufacturing, and
145	145	technology, that utilize a significant amount of energy and
146	146	will require expansions and upgrades of existing utility
147	147	infrastructure to meet the increased demand for energy.
148	148	(2) That Alabama's peak energy demand is expected to
149	149	grow by 6GW in the next decade, a 33 percent increase from
150	150	today, according to the State Infrastructure Study.
151	151	(3) That significant lead times exist for critical
152	152	energy infrastructure components, that will be neccessary to
153	153	meet the growing demand for energy and continued economic
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183	183	meet the growing demand for energy and continued economic
184	184	growth.
185	185	(4) That it is in the best interest of the state to
186	186	accelerate energy infrastructure development necessary to
187	187	sustain economic growth by:
188	188	a. Providing financing and support to the various
189	189	electric providers in the state through loans and other
190	190	financial assistance to accelerate the rate of energy
191	191	infrastructure development; and
192	192	b. Procuring energy infrastructure components with
193	193	long-lead times to make available to the various electric
194	194	providers in the state for more rapid deployment.
195	195	(b) By the passage of this act, it is the intent of the
196	196	Legislature to:
197	197	(1) Prescribe certain additional powers of the State
198	198	Industrial Development Authority;
199	199	(2) Create the Alabama Energy Infrastructure Bank and
200	200	the Alabama Energy Infrastructure Fund to provide strategic
201	201	financing for energy infrastructure projects that support
202	202	economic growth; and
203	203	(3) Establish for the Strategic Energy Infrastructure
204	204	Development Fund to address long-lead times for critical
205	205	energy infrastructure components.
206	206	§41-10-48.03
207	207	For the purposes of this act, the following words shall
208	208	have the following meanings:
209	209	(1) AUTHORITY. The State Industrial Development
210	210	Authority.
211	211	(2) BONDS. Includes bonds, notes, or other evidence of
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241	241	(2) BONDS. Includes bonds, notes, or other evidence of
242	242	indebtedness except as otherwise provided in this article.
243	243	(3) ELECTRIC PROVIDER. The same meaning as provided in
244	244	Section 37-16-3 and shall also include the Tennessee Valley
245	245	Authority and an authority as defined in Section 11-50A-1.
246	246	(4) ELIGIBLE PROJECT. Energy infrastructure projects
247	247	and associated costs that either:
248	248	a. Support a qualifying project approved by the
249	249	Department of Commerce pursuant to Section 40-18-372;
250	250	b. Provide or enhance the energy infrastructure
251	251	necessary for development of a site approved by the State
252	252	Industrial Development Authority for grants pursuant to
253	253	Article 2D, Chapter 10, Title 41; or
254	254	c. Support the construction, enhancement, expansion, or
255	255	upgrade of energy infrastructure projects in areas where the
256	256	energy infrastructure is anticipated to facilitate future
257	257	economic development as determined by the authority.
258	258	This term shall not include funding for activities
259	259	associated with the general maintenance, repair, or upkeep of
260	260	energy infrastructure.
261	261	(5) ENERGY BANK. The Alabama Energy Infrastructure
262	262	Bank.
263	263	(6) ENERGY FUND. The Alabama Energy Infrastructure Fund
264	264	established under Section 41-10-48.04.
265	265	(7) ENERGY INFRASTRUCTURE PROJECTS. Generation
266	266	infrastructure, transmission infrastructure, and projects
267	267	addressing long-lead items.
268	268	(8) FINANCIAL ASSISTANCE. Includes, but is not limited
269	269	to, contractual guarantees supporting eligible projects,
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299	299	to, contractual guarantees supporting eligible projects,
300	300	credit enhancement, capital or debt reserves for bonds or debt
301	301	instrument financing, interest rate subsidies, provision of
302	302	letters of credit and credit instruments, provision of bond or
303	303	other debt financing instrument security, reimbursable or
304	304	other contractual arrangements, and other lawful forms of
305	305	financing and methods of leveraging funds that are approved by
306	306	the authority, and in the case of federal funds, as allowed by
307	307	federal law.
308	308	(9) FINANCING AGREEMENT. Any agreement entered into
309	309	between the authority and an electric provider pertaining to a
310	310	loan or other financial assistance and other provisions as the
311	311	authority may determine. The term includes, without
312	312	limitation, a loan agreement, trust indenture, security
313	313	agreement, reimbursement agreement, guarantee agreement, bond
314	314	or note, ordinance or resolution, or similar instrument.
315	315	(10) LOAN. An obligation subject to repayment which is
316	316	provided by the authority to an electric provider for all or a
317	317	part of the costs of an eligible project. A loan may be
318	318	disbursed in anticipation of reimbursement for or direct
319	319	payment of costs of an eligible project or to refinance
320	320	temporary financing used to pay costs of an eligible project.
321	321	(11) LOAN OBLIGATION. A bond, note, or other evidence
322	322	of an obligation issued by an electric provider.
323	323	(12) LONG-LEAD ITEMS. Equipment, components, or
324	324	materials necessary for energy infrastructure projects that
325	325	require extended manufacturing, procurement, or delivery times
326	326	of at least 24 months and with a total cost that exceeds two
327	327	hundred fifty thousand dollars ($250,000), as may be approved
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357	357	hundred fifty thousand dollars ($250,000), as may be approved
358	358	by the authority.
359	359	(13) PERMITTED INVESTMENTS. Includes any of the
360	360	following:
361	361	a. Certificates of deposit, savings accounts, deposit
362	362	accounts, or money market deposits that are any of the
363	363	following:
364	364	1. Secured as provided in Chapter 14A of Title 41.
365	365	2. Fully insured by the FDIC.
366	366	3. Made with a bank whose unsecured, long-term
367	367	obligations are rated by at least one nationally recognized
368	368	securities rating agency in one of the three highest rating
369	369	categories assigned by that rating agency.
370	370	b. Direct obligations of, or obligations the full and
371	371	timely payment of which is guaranteed by, the United States of
372	372	America, including unit investment trusts and mutual funds
373	373	that invest solely in such obligations.
374	374	c. Bonds, debentures, notes, pass through securities,
375	375	or other obligations issued or guaranteed by any federal
376	376	agency or corporation which has been or may hereafter be
377	377	created by or pursuant to an act of the Congress of the United
378	378	States of America as an agency or instrumentality thereof if
379	379	such obligations are either of the following:
380	380	1. Backed by the full faith and credit of the United
381	381	States of America.
382	382	2. Rated by at least one nationally recognized
383	383	securities rating agency in one of the three highest rating
384	384	categories assigned by the rating agency.
385	385	d. Commercial paper which is rated not less than "P-1"
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415	415	d. Commercial paper which is rated not less than "P-1"
416	416	by Moody's Investor Service or "A-1+" by Standard and Poor’s
417	417	at the time of purchase.
418	418	e. Money market funds rated by at least one nationally
419	419	recognized securities rating agency in one of the three
420	420	highest rating categories assigned by that rating agency.
421	421	f. Bonds, warrants, notes, or other obligations issued
422	422	by any state, county, or municipality that are rated by at
423	423	least one nationally recognized securities rating agency in
424	424	one of the three highest rating categories assigned by that
425	425	rating agency.
426	426	g. Investment agreements, including, without
427	427	limitation, guaranteed investment contracts, repurchase
428	428	agreements, and forward purchase agreements, provided that all
429	429	of the following are satisfied:
430	430	1. Any securities purchased or held pursuant to such
431	431	agreement are otherwise permitted investments.
432	432	2. The counterparty's long-term debt obligations are
433	433	rated by at least one nationally recognized securities rating
434	434	agency in one of the three highest rating categories assigned
435	435	by that rating agency.
436	436	3. The securities, if purchased, are owned by the bank
437	437	or a trustee for any of the bank's obligations and are held by
438	438	the bank, the trustee, or a third-party custodian acceptable
439	439	to the bank or, if held as collateral, are held by the bank,
440	440	the trustee, or a third-party custodian acceptable to the bank
441	441	with a perfected first security interest in such collateral.
442	442	h. Investment or cash management agreements with a
443	443	commercial bank whose senior long-term debt obligations are,
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473	473	commercial bank whose senior long-term debt obligations are,
474	474	at the time of the acquisition of any such investment or cash
475	475	management agreement for the account of the bank, rated by at
476	476	least one nationally recognized securities rating agency in
477	477	one of the three highest rating categories assigned by that
478	478	rating agency, or with a commercial bank that is owned or
479	479	controlled by a bank holding company whose senior long-term
480	480	debt obligations, at the time of the acquisition of any such
481	481	investment or cash management agreement for the account of the
482	482	bank, are rated by at least one nationally recognized
483	483	securities rating agency in one of the three highest rating
484	484	categories assigned by that rating agency.
485	485	(14) REVENUES. When used with respect to the authority,
486	486	any receipts, fees, income, or other payments received or to
487	487	be received by the authority as a result of the authority's
488	488	activities under this article including, without limitation,
489	489	receipts and other payments deposited with the authority and
490	490	investment earnings on its funds and accounts.
491	491	(15) STRATEGIC DEVELOPMENT FUND. The Strategic Energy
492	492	Infrastructure Development Fund established under Section
493	493	41-10-48.12.
494	494	(16) TRANSMISSION INFRASTRUCTURE. Facilities and
495	495	systems responsible for transporting electricity from
496	496	generation sources, including, but not limited to,
497	497	high-voltage transmission lines, substations, interconnection
498	498	facilities, and associated equipment
499	499	§41-10-48.04
500	500	(a) There is created within the authority a division to
501	501	be known as the Alabama Energy Infrastructure Bank.
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531	531	be known as the Alabama Energy Infrastructure Bank.
532	532	(b) In recognition of increasing concerns regarding
533	533	energy capacity and the resilience of Alabama's energy
534	534	infrastructure for current and future needs, the corporate
535	535	purpose of the energy bank is to support the economic growth
536	536	of the state by identifying and supporting energy
537	537	infrastructure projects for eligible projects in Alabama.
538	538	(c) The energy bank will accomplish these goals through
539	539	the utilization of bond financing and other financial
540	540	assistance for energy infrastructure projects.
541	541	(d) The energy bank will utilize existing and future
542	542	revenue sources in order to create the necessary funding
543	543	streams to secure bond financing and other financial
544	544	assistance that will allow the state to enhance and expand its
545	545	energy infrastructure.
546	546	(e) Through the energy bank, the authority may act as a
547	547	state energy financing institution as that term is defined 42
548	548	U.S.C. § 16511(7)(A), or any successor statute, for purposes
549	549	of obtaining federal support for Alabama energy infrastructure
550	550	projects.
551	551	(f) The Alabama Energy Infrastructure Fund is created
552	552	in the State Treasury. All proceeds from the revenues
553	553	designated to the energy fund, pursuant to this act and any
554	554	other provision of law, shall be deposited into the energy
555	555	fund to be expended only as provided in this act.
556	556	§41-10-48.05
557	557	In addition to the powers granted to it in Section
558	558	41-10-26, Sections 41-10-37 through 41-10-43, Sections
559	559	41-10-44.1 through 41-10-44.15, and Sections 41-10-47.01
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589	589	41-10-44.1 through 41-10-44.15, and Sections 41-10-47.01
590	590	through 41-10-47.09, with respect to the energy bank and the
591	591	energy fund, the authority shall have the following additional
592	592	powers to:
593	593	(1) Make loans or provide other financial assistance to
594	594	electric providers to finance or reduce the costs of eligible
595	595	projects, to collect fees and charges related to such loans or
596	596	other financial assistance, and to acquire, hold, and sell
597	597	loan obligations at prices and in a manner as the authority
598	598	determines advisable.
599	599	(2) Enter into contracts, arrangements, and agreements
600	600	with electric providers and other persons and execute and
601	601	deliver all financing agreements and other instruments
602	602	necessary or convenient to the exercise of the powers granted
603	603	in this article.
604	604	(3) Enter into agreements with a department, agency, or
605	605	instrumentality of the United States of America or of this
606	606	state or another state for the purpose of planning, securing,
607	607	and providing for the financing of eligible projects.
608	608	(4) Enter into contracts, arrangements, or agreements
609	609	with external experts for the purpose of providing advice
610	610	regarding the operations of the bank and viability of the
611	611	fund, as well as the necessity of project applications from
612	612	the bank and the strategic development fund.
613	613	(5) Procure insurance, guarantees, letters of credit,
614	614	and other forms of collateral or security or credit support
615	615	from any public entity, including any department, agency, or
616	616	instrumentality of the United States of America or this state,
617	617	for the payment of any bonds issued by it, including the power
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647	647	for the payment of any bonds issued by it, including the power
648	648	to pay premiums or fees on any insurance, guarantees, letters
649	649	of credit, and other forms of collateral or security or credit
650	650	support.
651	651	(6) Collect or authorize the trustee under any trust
652	652	indenture securing any bonds to collect amounts due under any
653	653	loan obligations owned by it, including taking the action
654	654	required to obtain payment of any sums in default.
655	655	(7) Unless restricted under any agreement with holders
656	656	of bonds, consent to any modification with respect to the rate
657	657	of interest, time, and payment of any installment of principal
658	658	or interest, or premium, if any, or any other term of any loan
659	659	obligations owned by it or held by the applicable indenture
660	660	trustee.
661	661	(8) Borrow money through the issuance of bonds and
662	662	other forms of indebtedness as provided in this article, and
663	663	to secure the repayment of the same as provided in this
664	664	article including by pledging or granting of a security
665	665	interest.
666	666	(9) Expend funds credited to the authority resulting
667	667	from its operations of the energy bank as the authority may
668	668	determine as being necessary or desirable for the costs of
669	669	administering the operations of the energy bank.
670	670	(10) Procure insurance against losses in connection
671	671	with its property, assets, or activities including insurance
672	672	against liability for its acts or the acts of its employees or
673	673	agents or to establish cash reserves to enable it to act as a
674	674	self-insurer against any and all such losses.
675	675	(11) Apply for, receive, and accept from any source,
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693	693	326
694	694	327
695	695	328
696	696	329
697	697	330
698	698	331
699	699	332
700	700	333
701	701	334
702	702	335
703	703	336 SB304 INTRODUCED
704	704	Page 13
705	705	(11) Apply for, receive, and accept from any source,
706	706	aid, grants, and contributions of money, property, labor, or
707	707	other things of value to be used to carry out the purposes of
708	708	this article subject to the conditions upon which the aid,
709	709	grants, or contributions are made.
710	710	(12) Do all other things necessary or convenient to
711	711	carry out the purposes and powers conferred by this act.
712	712	§41-10-48.06
713	713	(a) In considering applications for eligible projects,
714	714	the authority may request additional input from external
715	715	experts as to the urgency of the energy infrastructure
716	716	project, the ability of the applicant to execute the project
717	717	within the stated time frame, and other assistance as
718	718	determined by the authority.
719	719	(b) The total aggregate amount of loans or other
720	720	financial assistance provided by the bank in any year shall be
721	721	limited to an amount that would not jeopardize the viability
722	722	of the fund, as determined by the authority with the advice of
723	723	external experts.
724	724	(c) In selecting eligible projects, the authority shall
725	725	consider, with assistance from external experts, project
726	726	feasibility and the degree of financial risk to be assumed by
727	727	the authority.
728	728	(d) The authority shall ensure that no electric
729	729	provider receives more than 50 percent of the loan or
730	730	financial assistance funds provided by the bank in each
731	731	calendar year.
732	732	(e) Any nonpublic or proprietary information included
733	733	in an application by an economic development prospect or
734	734	337
735	735	338
736	736	339
737	737	340
738	738	341
739	739	342
740	740	343
741	741	344
742	742	345
743	743	346
744	744	347
745	745	348
746	746	349
747	747	350
748	748	351
749	749	352
750	750	353
751	751	354
752	752	355
753	753	356
754	754	357
755	755	358
756	756	359
757	757	360
758	758	361
759	759	362
760	760	363
761	761	364 SB304 INTRODUCED
762	762	Page 14
763	763	in an application by an economic development prospect or
764	764	electric provider shall be subject to the Department of
765	765	Commerce's protections for such information, provided in
766	766	Section 41-29-3.
767	767	§41-10-48.07
768	768	(a)(1) An electric provider (or more than one electric
769	769	providers in a joint application) may apply to the authority
770	770	for the purposes of obtaining financial assistance to support
771	771	an eligible project. An application under this subsection
772	772	shall include the following:
773	773	a. A detailed summary of the proposed energy
774	774	infrastructure project, including location, scope, timeline,
775	775	and total estimated cost.
776	776	b. Identification of the energy infrastructure project
777	777	to be funded.
778	778	c. Anticipated job creation, business attraction, or
779	779	commercial or industrial expansion to be facilitated by the
780	780	energy infrastructure project as applicable.
781	781	d. Projected load demand and anticipated capacity
782	782	increases.
783	783	(2) An application under this subsection for more than
784	784	one electric provider shall also include:
785	785	a. Identification of all participating electric
786	786	providers and designation of a lead applicant responsible for
787	787	administration of funds; and
788	788	b. Explanation of how participating electric providers
789	789	will collaborate on energy infrastructure project
790	790	implementation.
791	791	(3) During the term that the financial assistance is
792	792	365
793	793	366
794	794	367
795	795	368
796	796	369
797	797	370
798	798	371
799	799	372
800	800	373
801	801	374
802	802	375
803	803	376
804	804	377
805	805	378
806	806	379
807	807	380
808	808	381
809	809	382
810	810	383
811	811	384
812	812	385
813	813	386
814	814	387
815	815	388
816	816	389
817	817	390
818	818	391
819	819	392 SB304 INTRODUCED
820	820	Page 15
821	821	(3) During the term that the financial assistance is
822	822	being provided under this subsection, the electric provider
823	823	shall submit an annual report to the authority detailing the
824	824	progress of the approved eligible project and the use of the
825	825	financial assistance provided to the electric provider.
826	826	(b)(1) An electric provider and an economic development
827	827	prospect may submit a joint application for a long-lead item
828	828	or energy infrastructure project if the provision of financial
829	829	assistance from the energy bank will facilitate an eligible
830	830	project for a new or expanding industrial or commercial
831	831	facility within the state.
832	832	(2) A joint application under this subsection must
833	833	include:
834	834	a. A statement from the electric provider detailing the
835	835	infrastructure improvements necessary to meet the eligible
836	836	prospect's energy requirements; and
837	837	b. An assessment of economic impact, including
838	838	projected job creation, capital investment, and state and
839	839	local sales and property tax revenues generated from the
840	840	eligible project.
841	841	(3) During the term that the financial assistance is
842	842	being provided under this subsection, the economic development
843	843	prospect and the electric provider shall submit an annual
844	844	report to the authority detailing the progress of the approved
845	845	eligible project and the use of the financial assistance
846	846	provided.
847	847	(4) If the economic development prospect withdraws,
848	848	fails to commence operations, or materially alters its energy
849	849	needs, the authority may enforce a contractual obligation
850	850	393
851	851	394
852	852	395
853	853	396
854	854	397
855	855	398
856	856	399
857	857	400
858	858	401
859	859	402
860	860	403
861	861	404
862	862	405
863	863	406
864	864	407
865	865	408
866	866	409
867	867	410
868	868	411
869	869	412
870	870	413
871	871	414
872	872	415
873	873	416
874	874	417
875	875	418
876	876	419
877	877	420 SB304 INTRODUCED
878	878	Page 16
879	879	needs, the authority may enforce a contractual obligation
880	880	against the economic development prospect for the authority's
881	881	provision of financial assistance.
882	882	§41-10-48.08
883	883	(a) The authority may use the following sources to
884	884	capitalize the energy fund and to carry out its purposes of
885	885	this section:
886	886	(1) Tobacco settlement funds from the Alabama 21st
887	887	Century Fund.
888	888	(2) Federal funds made available to the state for the
889	889	energy bank or for eligible projects.
890	890	(3) Contributions and donations from public and private
891	891	entities and any other source as may become available to the
892	892	authority, including, but not limited to, appropriations from
893	893	the Legislature.
894	894	(4) All monies paid or credited to the authority, by
895	895	contract or otherwise, payments of principal and interest on
896	896	loans or other financial assistance made from the authority,
897	897	and interest earnings which may accrue from the investment or
898	898	reinvestment of the authority's monies.
899	899	(5) Proceeds from the issuance of bonds as provided in
900	900	this article.
901	901	(6) Other lawful sources as determined appropriate by
902	902	the authority.
903	903	(b) Any pledge of the revenues and amounts described in
904	904	subsection (a) to provide funds for payment of debt service on
905	905	bonds issued by the authority or to pay obligations of the
906	906	authority with respect to other financial assistance shall
907	907	continue until the bonds have been fully repaid or the
908	908	421
909	909	422
910	910	423
911	911	424
912	912	425
913	913	426
914	914	427
915	915	428
916	916	429
917	917	430
918	918	431
919	919	432
920	920	433
921	921	434
922	922	435
923	923	436
924	924	437
925	925	438
926	926	439
927	927	440
928	928	441
929	929	442
930	930	443
931	931	444
932	932	445
933	933	446
934	934	447
935	935	448 SB304 INTRODUCED
936	936	Page 17
937	937	continue until the bonds have been fully repaid or the
938	938	authority's obligations with respect to the other financial
939	939	assistance have terminated, unless the trust indenture,
940	940	financing agreement, or other related instrument providing for
941	941	the pledge expressly provides that the pledge may be
942	942	terminated earlier or otherwise limited by the authority.
943	943	§41-10-48.09
944	944	(a) Whenever the authority determines that it shall
945	945	become necessary that monies be raised for eligible projects,
946	946	including monies to be used to refund any bonds then
947	947	outstanding, the authority may issue bonds as provided in this
948	948	article.
949	949	(b) The authority may pledge any of its revenue or
950	950	funds to the payment of its bonds, subject to any prior
951	951	pledges for other outstanding bonds or other financial
952	952	assistance of the energy bank. Bonds may be secured by a
953	953	pledge of any loan obligation owned by the authority or held
954	954	by an indenture trustee, any grant, contribution, or guaranty
955	955	from the United States of America, the state, or any
956	956	corporation, association, institution, or person, any other
957	957	financial assistance provided by the authority, any bond
958	958	insurance, guarantees, letters of credit, or other forms of
959	959	credit enhancement purchased or otherwise obtained by the
960	960	authority from any public or private entity, any other
961	961	property or assets of the authority, or a pledge of or grant
962	962	of security interest in any money, income, or revenue of the
963	963	authority from any source.
964	964	(c) Notwithstanding any provision of law to the
965	965	contrary, the total aggregate principal amount of bonds issued
966	966	449
967	967	450
968	968	451
969	969	452
970	970	453
971	971	454
972	972	455
973	973	456
974	974	457
975	975	458
976	976	459
977	977	460
978	978	461
979	979	462
980	980	463
981	981	464
982	982	465
983	983	466
984	984	467
985	985	468
986	986	469
987	987	470
988	988	471
989	989	472
990	990	473
991	991	474
992	992	475
993	993	476 SB304 INTRODUCED
994	994	Page 18
995	995	contrary, the total aggregate principal amount of bonds issued
996	996	by the authority under this article shall not exceed one
997	997	billion dollars ($1,000,000,000). This debt limitation shall
998	998	apply solely to bonds issued for eligible project financing
999	999	purposes under this article and shall not be construed to
1000	1000	limit any other bonding authority granted to the authority
1001	1001	under separate provisions of law.
1002	1002	§41-10-48.10
1003	1003	Bonds or other financial assistance issued by the
1004	1004	authority shall not constitute an obligation or debt of this
1005	1005	state, or any of its political subdivisions, but shall be
1006	1006	limited obligations of the authority payable solely from the
1007	1007	revenue, money, or property of the authority pledged for such
1008	1008	purpose as provided in this article. Any bonds issued or other
1009	1009	financial assistance of the authority do not constitute an
1010	1010	indebtedness of the state or any of its political subdivisions
1011	1011	within the meaning of any constitutional or statutory
1012	1012	limitation, and neither the full faith and credit nor the
1013	1013	taxing power of the state, or any of its political
1014	1014	subdivisions, is pledged to the payment thereof. No member of
1015	1015	the authority or any person executing bonds, other financial
1016	1016	assistance, or other obligations of the authority is liable
1017	1017	personally thereon by reason of their issuance or execution.
1018	1018	Each bond, other financial assistance, and other obligation
1019	1019	issued under this article shall contain on its face a
1020	1020	statement to the effect of the following:
1021	1021	(1) The instrument is not a general obligation of the
1022	1022	authority but is a limited obligation of the authority payable
1023	1023	solely from the revenue, money, or property of the authority
1024	1024	477
1025	1025	478
1026	1026	479
1027	1027	480
1028	1028	481
1029	1029	482
1030	1030	483
1031	1031	484
1032	1032	485
1033	1033	486
1034	1034	487
1035	1035	488
1036	1036	489
1037	1037	490
1038	1038	491
1039	1039	492
1040	1040	493
1041	1041	494
1042	1042	495
1043	1043	496
1044	1044	497
1045	1045	498
1046	1046	499
1047	1047	500
1048	1048	501
1049	1049	502
1050	1050	503
1051	1051	504 SB304 INTRODUCED
1052	1052	Page 19
1053	1053	solely from the revenue, money, or property of the authority
1054	1054	pledged.
1055	1055	(2) The instrument is not an obligation or debt of the
1056	1056	state, or any of its political subdivisions, and neither the
1057	1057	full faith and credit nor the taxing power of the state, or
1058	1058	any of its political subdivisions, is pledged to the payment
1059	1059	of the instrument.
1060	1060	(3) The authority does not have taxing power.
1061	1061	§41-10-48.11
1062	1062	(a)(1) The bonds of the authority must be authorized by
1063	1063	a resolution of the authority.
1064	1064	(2) The bonds shall bear the date and mature at the
1065	1065	time which the resolution provides, except that no bond may
1066	1066	mature more than 40 years from its date of issue.
1067	1067	(3) The bonds may be in the denominations, be executed
1068	1068	in the manner, be payable in the medium of payment, be payable
1069	1069	at the place and at the time, and be subject to redemption or
1070	1070	repurchase and contain other provisions determined by the
1071	1071	authority prior to their issuance.
1072	1072	(4) The bonds may bear interest payable at a time and
1073	1073	at a rate as determined by the authority.
1074	1074	(5) Bonds may be sold by the authority at public or
1075	1075	private sale at the price it determines and approves.
1076	1076	(b)(1) Bonds may be secured by a trust indenture
1077	1077	between the authority and a corporate trustee, which may be
1078	1078	the State Treasurer or any bank having trust powers or any
1079	1079	trust company doing business in this state. A trust indenture
1080	1080	may contain provisions for protecting and enforcing the rights
1081	1081	and remedies of the bondholders which are reasonable and
1082	1082	505
1083	1083	506
1084	1084	507
1085	1085	508
1086	1086	509
1087	1087	510
1088	1088	511
1089	1089	512
1090	1090	513
1091	1091	514
1092	1092	515
1093	1093	516
1094	1094	517
1095	1095	518
1096	1096	519
1097	1097	520
1098	1098	521
1099	1099	522
1100	1100	523
1101	1101	524
1102	1102	525
1103	1103	526
1104	1104	527
1105	1105	528
1106	1106	529
1107	1107	530
1108	1108	531
1109	1109	532 SB304 INTRODUCED
1110	1110	Page 20
1111	1111	and remedies of the bondholders which are reasonable and
1112	1112	proper, including covenants setting forth the duties of the
1113	1113	authority in relation to the exercise of its powers and the
1114	1114	custody, safekeeping, and application of its money. The
1115	1115	authority may provide by the trust indenture for the payment
1116	1116	of the proceeds of the bonds and all or any part of the
1117	1117	revenues of the authority to the trustee under the trust
1118	1118	indenture or to some other depository, and for the method of
1119	1119	its disbursement with safeguards and restrictions prescribed
1120	1120	by it. All expenses incurred in performing the obligations of
1121	1121	the authority under the trust indenture may be treated as part
1122	1122	of its operating expenses.
1123	1123	(2) Any resolution or trust indenture pursuant to which
1124	1124	bonds are issued may contain provisions which are part of the
1125	1125	contract with the bondholders of the bonds and which include
1126	1126	the following:
1127	1127	a. Pledging specific revenues of the authority to
1128	1128	secure the payment of the bonds.
1129	1129	b. Pledging specific assets of the authority, including
1130	1130	loan obligations owned by it to secure the payment of the
1131	1131	bonds.
1132	1132	c. The use and disposition of the gross income from,
1133	1133	and payment of the principal of, and interest on loan
1134	1134	obligations owned by the authority or held by an indenture
1135	1135	trustee.
1136	1136	d. The establishment of reserves, sinking funds, and
1137	1137	other funds and accounts, and their regulation and
1138	1138	disposition.
1139	1139	e. Limitations on the purposes to which the proceeds
1140	1140	533
1141	1141	534
1142	1142	535
1143	1143	536
1144	1144	537
1145	1145	538
1146	1146	539
1147	1147	540
1148	1148	541
1149	1149	542
1150	1150	543
1151	1151	544
1152	1152	545
1153	1153	546
1154	1154	547
1155	1155	548
1156	1156	549
1157	1157	550
1158	1158	551
1159	1159	552
1160	1160	553
1161	1161	554
1162	1162	555
1163	1163	556
1164	1164	557
1165	1165	558
1166	1166	559
1167	1167	560 SB304 INTRODUCED
1168	1168	Page 21
1169	1169	e. Limitations on the purposes to which the proceeds
1170	1170	from the sale of the bonds may be applied, and limitations on
1171	1171	pledging the proceeds to secure the payment of the bonds.
1172	1172	f. Limitations on the issuance of additional bonds, the
1173	1173	terms upon which additional bonds may be issued and secured,
1174	1174	and the refunding of outstanding or other bonds.
1175	1175	g. The procedure, if any, by which the terms of any
1176	1176	contract with bondholders may be amended or abrogated, the
1177	1177	amount of bonds, if any, the holders of which must consent to,
1178	1178	and the manner in which any consent may be given.
1179	1179	h. Limitations on the amount of money to be expended by
1180	1180	the authority for its operating expenses.
1181	1181	i. Vesting in a trustee property, rights, powers, and
1182	1182	duties as the authority may determine, limiting or abrogating
1183	1183	the right of bondholders to appoint a trustee, and limiting
1184	1184	the rights, powers, and duties of the trustee.
1185	1185	j. Defining the acts or omissions which constitute a
1186	1186	default, the obligations or duties of the authority to the
1187	1187	holders of the bonds, and the rights and remedies of the
1188	1188	holders of the bonds in the event of default, including as a
1189	1189	matter of right the appointment of a receiver, and all other
1190	1190	rights generally available to creditors.
1191	1191	k. Requiring the authority or the trustee under the
1192	1192	trust indenture to take any and all other action to obtain
1193	1193	payment of all sums required to eliminate any default as to
1194	1194	any principal of and interest on loan obligations owned by the
1195	1195	authority or held by a trustee, which may be authorized by the
1196	1196	laws of this state.
1197	1197	l. Any other matter relating to the terms of the bonds
1198	1198	561
1199	1199	562
1200	1200	563
1201	1201	564
1202	1202	565
1203	1203	566
1204	1204	567
1205	1205	568
1206	1206	569
1207	1207	570
1208	1208	571
1209	1209	572
1210	1210	573
1211	1211	574
1212	1212	575
1213	1213	576
1214	1214	577
1215	1215	578
1216	1216	579
1217	1217	580
1218	1218	581
1219	1219	582
1220	1220	583
1221	1221	584
1222	1222	585
1223	1223	586
1224	1224	587
1225	1225	588 SB304 INTRODUCED
1226	1226	Page 22
1227	1227	l. Any other matter relating to the terms of the bonds
1228	1228	or the security or protection of the holders of the bonds
1229	1229	which may be considered appropriate.
1230	1230	(c)(1) Any pledge made by the authority to secure its
1231	1231	obligations with respect to bonds or other financial
1232	1232	assistance is valid and binding from the time the pledge is
1233	1233	made. The revenue, money, or property pledged and received by
1234	1234	the authority is immediately subject to the lien of the pledge
1235	1235	without any physical delivery or further act. The lien of any
1236	1236	pledge is valid and binding as against all parties having
1237	1237	claims of any kind in tort, contract, or otherwise against the
1238	1238	authority, irrespective of whether the parties have notice of
1239	1239	the pledge.
1240	1240	(2) No recording or filing of the resolution
1241	1241	authorizing the issuance of bonds or other financial
1242	1242	assistance, the trust indenture or other financing agreement
1243	1243	securing the bonds or other financial assistance, or any other
1244	1244	instrument including filings under the Uniform Commercial Code
1245	1245	is necessary to create or perfect any pledge or security
1246	1246	interest granted by the authority to secure any bonds or other
1247	1247	financial assistance.
1248	1248	(d) The authority, subject to agreements with
1249	1249	bondholders as may then exist, may purchase outstanding bonds
1250	1250	of the authority with any available funds, at any reasonable
1251	1251	price. If the bonds are then redeemable, the price shall not
1252	1252	exceed the redemption price then applicable plus accrued
1253	1253	interest to the next interest payment date.
1254	1254	(e) Bonds of the authority shall be in a form and shall
1255	1255	be executed in a manner prescribed by the authority.
1256	1256	589
1257	1257	590
1258	1258	591
1259	1259	592
1260	1260	593
1261	1261	594
1262	1262	595
1263	1263	596
1264	1264	597
1265	1265	598
1266	1266	599
1267	1267	600
1268	1268	601
1269	1269	602
1270	1270	603
1271	1271	604
1272	1272	605
1273	1273	606
1274	1274	607
1275	1275	608
1276	1276	609
1277	1277	610
1278	1278	611
1279	1279	612
1280	1280	613
1281	1281	614
1282	1282	615
1283	1283	616 SB304 INTRODUCED
1284	1284	Page 23
1285	1285	be executed in a manner prescribed by the authority.
1286	1286	(f) If any of the directors or officers of the
1287	1287	authority cease to be directors or officers before the
1288	1288	delivery of any bonds signed by them, their signatures or
1289	1289	authorized facsimile signatures are nevertheless valid and
1290	1290	sufficient for all purposes as if they had remained in office
1291	1291	until the delivery of the bonds.
1292	1292	(g) Subsequent amendments to this article may not limit
1293	1293	the rights vested in the authority with respect to any
1294	1294	agreements made with, or remedies available to, the holders of
1295	1295	bonds issued under this article before the enactment of the
1296	1296	amendments until the bonds, with all premiums and interest on
1297	1297	them, and all costs and expenses in connection with any
1298	1298	proceeding by or on behalf of the holders, are fully satisfied
1299	1299	and discharged.
1300	1300	(h) Notwithstanding the exemptions provided in Sections
1301	1301	41-10-28 and 41-10-44.13, any bonds issued by the authority
1302	1302	under this article, the transfer of bonds, and the income from
1303	1303	them, are free from taxation and assessment of every kind by
1304	1304	the state and by the local governments and other political
1305	1305	subdivisions of the state.
1306	1306	(i)(1) The bonds issued by the authority are legal
1307	1307	investments in which all public officers or public bodies of
1308	1308	the state and its political subdivisions; all municipalities
1309	1309	and political subdivisions; all insurance companies and
1310	1310	associations and other persons carrying on insurance business;
1311	1311	all banks, bankers, banking associations, trust companies,
1312	1312	savings banks, savings associations, including savings and
1313	1313	loan association investment companies, and other persons
1314	1314	617
1315	1315	618
1316	1316	619
1317	1317	620
1318	1318	621
1319	1319	622
1320	1320	623
1321	1321	624
1322	1322	625
1323	1323	626
1324	1324	627
1325	1325	628
1326	1326	629
1327	1327	630
1328	1328	631
1329	1329	632
1330	1330	633
1331	1331	634
1332	1332	635
1333	1333	636
1334	1334	637
1335	1335	638
1336	1336	639
1337	1337	640
1338	1338	641
1339	1339	642
1340	1340	643
1341	1341	644 SB304 INTRODUCED
1342	1342	Page 24
1343	1343	loan association investment companies, and other persons
1344	1344	carrying on a banking business; all administrators, guardians,
1345	1345	executors, trustees, and other fiduciaries; and all other
1346	1346	persons who are now or may be authorized in the future to
1347	1347	invest in bonds or other obligations of the state, may invest
1348	1348	funds in their control or belonging to them.
1349	1349	(2) The bonds of the authority are also securities
1350	1350	which may be deposited with and received by all public
1351	1351	officers and bodies of the state or any agency or political
1352	1352	subdivision of the state and all municipalities and public
1353	1353	corporations for any purpose for which the deposit of bonds or
1354	1354	other obligations of the state is now or may later be required
1355	1355	by law.
1356	1356	(j)(1) The granting of other financial assistance by
1357	1357	the authority shall be authorized by a resolution of the
1358	1358	authority.
1359	1359	(2) The authority may execute instruments and enter
1360	1360	into financing agreements, including, without limitation, a
1361	1361	trust indenture between the authority and a corporate trustee,
1362	1362	which may be the State Treasurer or any bank having trust
1363	1363	powers or any trust company doing business in this state,
1364	1364	containing the terms and conditions as the authority shall
1365	1365	determine in connection with the provision of other financial
1366	1366	assistance and securing its obligations with respect to other
1367	1367	financial assistance.
1368	1368	(3) The authority may pledge any of its revenues or
1369	1369	funds to the payment of other financial assistance provided by
1370	1370	the authority, subject to any prior pledges for outstanding
1371	1371	bonds or other financial assistance of the authority. Other
1372	1372	645
1373	1373	646
1374	1374	647
1375	1375	648
1376	1376	649
1377	1377	650
1378	1378	651
1379	1379	652
1380	1380	653
1381	1381	654
1382	1382	655
1383	1383	656
1384	1384	657
1385	1385	658
1386	1386	659
1387	1387	660
1388	1388	661
1389	1389	662
1390	1390	663
1391	1391	664
1392	1392	665
1393	1393	666
1394	1394	667
1395	1395	668
1396	1396	669
1397	1397	670
1398	1398	671
1399	1399	672 SB304 INTRODUCED
1400	1400	Page 25
1401	1401	bonds or other financial assistance of the authority. Other
1402	1402	financial assistance may be secured by a pledge of any loan
1403	1403	obligation owned by the authority or held by an indenture
1404	1404	trustee, any grant, contribution, or guaranty from the United
1405	1405	States of America, the state, or any corporation, association,
1406	1406	institution, or person, any other property or assets of the
1407	1407	authority, or a pledge or grant of a security interest in or
1408	1408	any money, income, or revenue of the authority from any
1409	1409	source.
1410	1410	(k) Neither the authority, nor any member, officer,
1411	1411	employee, or committee of the authority acting on behalf of
1412	1412	it, while acting within the scope of authority granted by this
1413	1413	article, is subject to any liability resulting from carrying
1414	1414	out any of the powers given in this article, unless the
1415	1415	officer or employee acted in a reckless manner.
1416	1416	§41-10-48.12
1417	1417	(a) For the benefit of the state and the residents of
1418	1418	the state, there is created in the State Treasury an
1419	1419	irrevocable fund named the Strategic Energy Infrastructure
1420	1420	Development Fund.
1421	1421	(b) The strategic development fund shall be under the
1422	1422	management and control of the authority, and all powers
1423	1423	necessary or appropriate for the management and control of the
1424	1424	strategic development fund shall be vested solely in the
1425	1425	authority. The authority may make whatever representations and
1426	1426	covenants it finds reasonable or necessary for federal grant
1427	1427	applications and agreements, and it may take whatever actions
1428	1428	it deems reasonable or necessary to implement such grants.
1429	1429	(c) The strategic development fund shall be funded
1430	1430	673
1431	1431	674
1432	1432	675
1433	1433	676
1434	1434	677
1435	1435	678
1436	1436	679
1437	1437	680
1438	1438	681
1439	1439	682
1440	1440	683
1441	1441	684
1442	1442	685
1443	1443	686
1444	1444	687
1445	1445	688
1446	1446	689
1447	1447	690
1448	1448	691
1449	1449	692
1450	1450	693
1451	1451	694
1452	1452	695
1453	1453	696
1454	1454	697
1455	1455	698
1456	1456	699
1457	1457	700 SB304 INTRODUCED
1458	1458	Page 26
1459	1459	(c) The strategic development fund shall be funded
1460	1460	initially with an appropriation of fifty million dollars
1461	1461	($50,000,000) from the Alabama 21st Century Fund, with
1462	1462	additional funding sources including:
1463	1463	(1) Revenue sources as directed by, and at the
1464	1464	discretion of, the Legislature;
1465	1465	(2) Appropriations as directed by, and at the
1466	1466	discretion of, the Legislature;
1467	1467	(3) Federal grants and other financing which the
1468	1468	authority determines will have the effect of advancing
1469	1469	economic development in Alabama;
1470	1470	(4) Proceeds of any gifts, grants, or contributions;
1471	1471	and/or
1472	1472	(5) Any other lawful sources.
1473	1473	(d) The strategic development fund shall be
1474	1474	administered in accordance with this section. All revenues
1475	1475	received by the strategic development fund shall be deposited
1476	1476	in the fund upon receipt and may be invested by the authority
1477	1477	and withdrawn and expended by the authority in a manner
1478	1478	consistent with the powers granted to the authority.
1479	1479	(e) Funding shall be provided to projects in accordance
1480	1480	with Section 41-10-48.12.1 in the form of financial assistance
1481	1481	or grants.
1482	1482	§41-10-48.12.1
1483	1483	(a)(1) An electric provider and an economic development
1484	1484	prospect may submit a joint application for funding from the
1485	1485	strategic development fund if the provision of funding from
1486	1486	the strategic development fund will facilitate a strategic
1487	1487	development project for a new or expanding industrial or
1488	1488	701
1489	1489	702
1490	1490	703
1491	1491	704
1492	1492	705
1493	1493	706
1494	1494	707
1495	1495	708
1496	1496	709
1497	1497	710
1498	1498	711
1499	1499	712
1500	1500	713
1501	1501	714
1502	1502	715
1503	1503	716
1504	1504	717
1505	1505	718
1506	1506	719
1507	1507	720
1508	1508	721
1509	1509	722
1510	1510	723
1511	1511	724
1512	1512	725
1513	1513	726
1514	1514	727
1515	1515	728 SB304 INTRODUCED
1516	1516	Page 27
1517	1517	development project for a new or expanding industrial or
1518	1518	commercial facility within the state.
1519	1519	(2) A joint application under this subsection must
1520	1520	include:
1521	1521	a. A statement from the electric provider detailing the
1522	1522	infrastructure improvements necessary to meet the prospect's
1523	1523	energy requirements; and
1524	1524	b. An assessment of economic impact, including
1525	1525	projected job creation, capital investment, and state and
1526	1526	local sales and property tax revenues generated from the
1527	1527	strategic development project.
1528	1528	(3) During the term that the funding is being provided
1529	1529	under this subsection, the economic development prospect and
1530	1530	the electric provider shall submit an annual report to the
1531	1531	authority detailing the progress of the approved strategic
1532	1532	development project and the use of the financial assistance
1533	1533	provided.
1534	1534	(4) If the economic development prospect withdraws,
1535	1535	fails to commence operations, or materially alters its energy
1536	1536	needs, the authority may enforce a contractual obligation
1537	1537	against the economic development prospect for the authority's
1538	1538	provision of funding.
1539	1539	(b) The strategic development fund shall be used for
1540	1540	the following purposes only:
1541	1541	(1) For the authority to enter into priority production
1542	1542	placement agreements with key manufacturers of long lead-time
1543	1543	electrical equipment, including, but not limited to,
1544	1544	transformers, high-voltage switchgear, and specialized circuit
1545	1545	breakers for an economic development prospect being recruited
1546	1546	729
1547	1547	730
1548	1548	731
1549	1549	732
1550	1550	733
1551	1551	734
1552	1552	735
1553	1553	736
1554	1554	737
1555	1555	738
1556	1556	739
1557	1557	740
1558	1558	741
1559	1559	742
1560	1560	743
1561	1561	744
1562	1562	745
1563	1563	746
1564	1564	747
1565	1565	748
1566	1566	749
1567	1567	750
1568	1568	751
1569	1569	752
1570	1570	753
1571	1571	754
1572	1572	755
1573	1573	756 SB304 INTRODUCED
1574	1574	Page 28
1575	1575	breakers for an economic development prospect being recruited
1576	1576	to or expanding in the state.
1577	1577	(2) Notwithstanding subsection (c), to provide funding
1578	1578	for site-specific infrastructure development, including, but
1579	1579	not limited to, the extension of transmission lines and
1580	1580	pipelines; enhancements or expansions to substation capacity;
1581	1581	and the acquisition of rights-of-way for key transmission and
1582	1582	pipeline infrastructure located near key industrial or
1583	1583	commercial sites, as identified by the authority for
1584	1584	development.
1585	1585	(c) An electric provider shall not be eligible to be a
1586	1586	direct recipient of funding from the strategic development
1587	1587	fund.
1588	1588	(d) Any nonpublic or proprietary information included
1589	1589	in an application by an economic development prospect or
1590	1590	electric provider shall be subject to the Department of
1591	1591	Commerce's protections for such information, provided in
1592	1592	Section 41-29-3.
1593	1593	§41-10-48.13
1594	1594	(a) Following the close of each state fiscal year, the
1595	1595	authority shall submit an annual report on the activities of
1596	1596	the energy bank and use of the strategic development fund for
1597	1597	the preceding year to the Governor and to the Legislature. The
1598	1598	authority also shall submit an annual report to the
1599	1599	appropriate federal agency in accordance with requirements of
1600	1600	any federal program.
1601	1601	(b) The authority shall be subject only to audits as
1602	1602	required by existing state law and applicable federal
1603	1603	regulations.
1604	1604	757
1605	1605	758
1606	1606	759
1607	1607	760
1608	1608	761
1609	1609	762
1610	1610	763
1611	1611	764
1612	1612	765
1613	1613	766
1614	1614	767
1615	1615	768
1616	1616	769
1617	1617	770
1618	1618	771
1619	1619	772
1620	1620	773
1621	1621	774
1622	1622	775
1623	1623	776
1624	1624	777
1625	1625	778
1626	1626	779
1627	1627	780
1628	1628	781
1629	1629	782
1630	1630	783
1631	1631	784 SB304 INTRODUCED
1632	1632	Page 29
1633	1633	regulations.
1634	1634	§41-10-48.14
1635	1635	The authority may enter into such contracts,
1636	1636	agreements, and investments and may otherwise expend monies
1637	1637	without compliance with Chapter 2 of Title 39, Article 5,
1638	1638	Chapter 4 of Title 41, or Chapter 16 of Title 41.
1639	1639	§41-10-48.15
1640	1640	(a) This article, being for the welfare of this state
1641	1641	and its inhabitants, shall be liberally construed to affect
1642	1642	the purposes specified.
1643	1643	(b) In no event does this article authorize any
1644	1644	electric provider to provide retail electric service outside
1645	1645	of its electric service territory as determined under the
1646	1646	applicable provisions of Chapter 14 of Title 37. Nothing in
1647	1647	this article is intended to amend, repeal, enlarge, or
1648	1648	otherwise affect Chapter 14 of Title 37.
1649	1649	Section 2. This act shall become effective on October
1650	1650	1, 2025.
1651	1651	785
1652	1652	786
1653	1653	787
1654	1654	788
1655	1655	789
1656	1656	790
1657	1657	791
1658	1658	792
1659	1659	793
1660	1660	794
1661	1661	795
1662	1662	796
1663	1663	797
1664	1664	798
1665	1665	799
1666	1666	800
1667	1667	801