Section 40-9H-4 - [See Note] SSBCI loan agreement; growth investments(a) Within 30 days of certification of a growth fund, the department shall enter into the loan agreement with the growth fund and segregate for draws by the growth fund in the fund an amount of funding equal to the loan awarded to such growth fund.(b) A growth fund, before making a growth investment, shall request from the department a written opinion as to whether the business in which it proposes to invest satisfies the definition of a growth business. The department, not later than 15 business days after the date of receipt of the request, shall notify the growth fund of its determination. If the department fails to notify the growth fund of its determination within 15 business days, the business in which the growth fund proposes to invest shall be considered a growth business. Each request for a written opinion shall be accompanied by a five hundred dollar ($500) opinion fee payable to the department.(c) At least five business days prior to a growth investment, a growth fund shall make a draw request on the loan to the department. The draw on the loan shall not exceed 50 percent of the proposed growth investment. At least two business days prior to a growth investment, a growth fund shall notify the department of the date of the closing of the growth investment and the department shall transfer the amount of draw requested from the fund to an account designated by the growth fund on the following day. The growth fund shall return the proceeds of the draw if the growth investment is not made within the three business days of receipt of the draw unless the return is waived by the department.Ala. Code § 40-9H-4 (1975)
Amended by Act 2024-403,§ 1, eff. 8/1/2024, but only shall become operative upon the appropriation by the Legislature of a minimum of twelve million five hundred thousand dollars ($12,500,000) appropriated to the Alabama Rural, Agribusiness, and Opportunity Zone Jobs Act Account for the fiscal year 2024-2025.Added by Act 2021-492,§ 4, eff. 8/1/2021.This section is set out more than once due to postponed, multiple, or conflicting amendments.