Ala. Code § 41-10-45.1

Current through the 2024 Regular Session.

Section 41-10-45.1 - Definitions

The following words and phrases shall have the following meanings when used in this article:

(a) AUTHORITY. The State Industrial Development Authority, a public corporation of the state, organized and existing under Articles 2, 2A, and 2B of this Chapter.

(b) DEPARTMENT. The Alabama Department of Commerce.

(c) ELIGIBLE BORROWER. A municipality, county, industrial development authority organized under Chapter 92A of Title 11, industrial development board organized under Article 4, Chapter 54 of Title 11, or nonprofit organization organized to foster economic development and described in Section 501(c) of the Internal Revenue Code of 1986, as in effect from time to time.

(d) ELIGIBLE EXPENSES. Expenses relating to land acquisition, site preparation or development, building improvements, building construction, building renovations, infrastructure, and any other real or personal property deemed necessary or useful in connection therewith.

(e) ELIGIBLE PROJECT. A project located in a targeted county that, when completed, will provide employment opportunities within one or more targeted counties. An eligible project shall be the subject of a project agreement, abatement agreement, or similar agreement between the company and the state or an eligible borrower.

(f) FUND. The Accelerate Alabama Fund.

(g) MAXIMUM LOAN AMOUNT. For any project anticipated to create more than 25 new jobs, $2,000,000, and in all other cases, $1,000,000.

(h) PROJECT OBLIGATIONS. The meaning in Section 41-10-44.2(8).

(i) QUALIFYING BORROWER. An eligible borrower selected by the authority to receive a loan.

(j) QUALIFYING EXPENSES. The eligible expenses permitted to be financed by the loan pursuant to the targeted county financing agreement.

(k) QUALIFYING PROJECT. An eligible project selected by the authority to receive a loan from the fund to finance its qualifying expenses.

(l) TARGETED COUNTY. Any Alabama county that is described by Section 40-18-376.1(a).

(m) TARGETED COUNTY FINANCING AGREEMENT. Any agreement entered into between the authority and a qualifying borrower pertaining to a loan from the fund including, without limitation, a loan agreement, trust indenture, security agreement, reimbursement agreement, guarantee agreement, bond or note, ordinance or resolution, or similar instrument. A targeted county financing agreement may contain, in addition to financial terms, provisions relating to the regulation and supervision of the qualifying project and other provisions as the authority may determine.

Ala. Code § 41-10-45.1 (1975)

Added by Act 2015-41,§ 4, eff. 7/2/2015.