Section 41-10-629 Alabama 21st Century Fund; Alabama 21st Century Recruitment and Training Promotion Fund. - Alabama Statutes

Section 41-10-629

Alabama 21st Century Fund; Alabama 21st Century Recruitment and Training Promotion Fund.

(a) 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 Year	Amount to be Retained
2000	$7,000,000
2001	9,000,000
2002	11,000,000
2003-2017	13,000,000
2018 and thereafter	16,000,000

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.

(b) For the benefit of the State of Alabama and the country, and the citizens thereof, there is hereby created a special fund named the Alabama 21st Century Recruitment and Training Promotion Fund which shall be funded with construction industry fees and administered in accordance with this division. Revenue received by the fund shall be invested by the State Treasurer in permitted investments until the revenue is needed by the institute for the purposes established by this division. Earnings on any permitted investments shall remain a part of the fund.

(Act 99-353, p. 538, §10; Act 2009-563, §1.)