Ala. Code § 41-10-629

Current through the 2024 Regular Session.
Section 41-10-629 - Alabama 21st Century Fund

For the benefit of the State of Alabama and the citizens 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 retained in the special fund in the following fiscal years and shall be used to pay principal, interest, and premium, if any, due on bonds issued by the authority.

Fiscal YearAmount to be Retained
2000$7,000,000
2001 9,000,000
200211,000,000
2003-201713,000,000
2018 and thereafter16,000,000

Pending the use of revenues in the special fund for the payment of debt service on the bonds, such revenues shall be invested by the State Treasurer in permitted investments until such revenues are needed for such purposes. Earnings on such permitted investments shall remain a part of the special fund. For the fiscal year ended September 30, 2015, twenty million dollars ($20,000,000) shall be transferred from the Alabama 21st Century Fund to the State General Fund.

Ala. Code § 41-10-629 (1975)

Amended by Act 2014-319,§ 1, eff. 10/1/2014.
Act 99-353, p. 538, §10; Act 2009-563, p. 1634, § 1; Act 2010-220, p. 365, § 1.