SB315 Alabama 2025 Session

Summary

Primary Sponsor

Bobby D. SingletonSenator

Democrat

Session

2025 Regular Session

Title

Alabama 21st Century Fund, further distribution of funds, one-time appropriation to the Department of Commerce

Summary

SB315 would let the Alabama 21st Century Fund use tobacco-revenue money to pay debt service on State Industrial Development Authority bonds and fund other project costs, and would provide a $5 million one-time transfer to the Department of Commerce for international offices and rural development.

What This Bill Does

The bill expands how the Alabama 21st Century Fund revenues can be used, from primarily supporting debt service for the Alabama 21st Century Authority to also paying debt service for bonds issued by the State Industrial Development Authority and funding other project costs. It allocates a one-time transfer of $5 million from the fund to the Alabama Department of Commerce to establish international offices, boost rural development strategies, and cover operating costs. It keeps the debt-service reinvestment structure in place and allows unused funds to be applied to project costs or other debt-service obligations, with immediate effect.

Who It Affects

• Alabama 21st Century Fund and the State Industrial Development Authority (bond issuers): may see changes in how revenues are allocated, including use for additional debt service and project costs.
• Alabama Department of Commerce and rural communities: will receive a one-time $5 million from the fund to support international offices, rural development efforts, and operating costs.

Key Provisions

• Amends Section 41-10-629 to allow Alabama 21st Century Fund revenues to be used for other project costs and for debt service on bonds issued by the State Industrial Development Authority.
• Transfers a one-time amount of $5,000,000 from the Alabama 21st Century Fund to the Alabama Department of Commerce for international offices, rural development, and operating costs (FY 2025).
• Retained debt-service amounts continue under the fund's schedule; from 2018 onward, $16,000,000 shall be retained to pay principal, interest, and premium on authority bonds.
• If fund revenues are not needed for debt service, they may be used for project costs, debt service on bonds issued by the Alabama Incentives Financing Authority, or the one-time $5 million transfer to Commerce (in 2025).
• Effective immediately.

AI-generated summary using openai/gpt-5-nano on Feb 22, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Economic Development