HB 389 Summary

• Creates the Alabama Cyber Technology Authority as a nonprofit corporation to encourage cooperation between higher education, business, and government in developing cyber technology projects, including research related to cyber security and educational opportunities.

• Authority shall be composed of 19 members including directors from state development, postsecondary education, finance, homeland security, health; presidents/chancellors of Auburn University and University of Alabama System; representatives from historically black institutions and regional institutions; business representatives; the Alabama Attorney General; and federal Homeland Security's state advisor.

• Establishes the Alabama Cyber Technology Fund within the State Treasury to receive all fees, charges, grants, gifts, and appropriations for authority operations and collaborative research projects among public universities.

• Authority properties, income, and lease agreements are exempt from state taxation; contracts and obligations belong solely to the authority and do not create state debt or university debt.

• Authority may be dissolved by majority vote of members when purposes are accomplished and all obligations paid, with assets assigned to a state entity at the authority's discretion; becomes effective on the first day of the third month following passage and approval.