(a) For the benefit of the state and the residents of the state, there is created an irrevocable fund named the Alabama Site Development Fund, which shall be funded from all of the following sources: (1) Proceeds of any gifts, grants, or contributions. (2) Revenue sources as directed by, and at the discretion of, the Legislature. (3) Appropriations as directed by, and at the discretion of, the Legislature. (4) Investment income. (5) Federal grants relating to site-based development initiatives which the authority finds will have the effect of advancing economic development in Alabama. (6) Any other lawful sources. (b) The funds shall be administered in accordance with this article. All revenues received by the fund shall be deposited in the fund upon receipt and may be invested by the board and withdrawn and expended by the authority for the purposes of this article in a manner consistent with the powers granted to the authority by this article. (c) The fund shall be under the management and control of the board, and all powers necessary or appropriate for the management and control of the fund shall be vested solely in the board. The authority may make whatever representations and covenants it finds reasonable or necessary for federal grant applications and agreements, and it may take whatever actions it deems reasonable or necessary to implement such grants.
‹ Prev All Alabama sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.