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Alabama Code (Last Updated: November 28, 2014) |
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Title41 STATE GOVERNMENT. |
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Chapter10. AUTHORITIES. |
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Article17. Alabama 21st Century Authority. |
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Division1. Authority Generally. |
§41-10-629. Alabama 21st Century Fund.
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THIS SECTION WAS AMENDED BY ACT 2014-319 IN THE 2014 REGULAR SESSION, EFFECTIVE OCTOBER 1, 2014. TO SEE THE AMENDED VERSION, SEE THE VERSION LABELED PENDING.
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.