SB179 Summary

• Amends Sections 41-10-22 and 41-10-25 of the Alabama Code to replace the Director of the Alabama Industrial Development Advisory Board with the Director of the Alabama Development Office as a member of the State Industrial Development Authority.

• Makes the Director of the Alabama Development Office the president of the authority, with the Commissioner of Revenue as vice-president and the Director of Finance as secretary.

• Maintains that the State Treasurer serves as treasurer of the authority and acts as custodian of its funds and bonds.

• Preserves existing provisions that authority members receive no additional salary beyond their authorized state office compensation and that successors automatically assume board positions when predecessors leave office.

• Takes effect immediately upon passage and approval by the Governor.