SB420 Summary

• Amends Section 45-17-91.23 of the Code of Alabama 1975 to expand the authorized uses of the Shoals Economic Development Fund.

• Adds a new purpose allowing the fund to expend an equal match of up to $5,000,000 for workforce training and economic development programs at the University of North Alabama.

• Maintains all existing restrictions on fund usage, including the prohibition on funding commercial or retail establishments and the 10 percent cap on administrative expenses.

• Becomes effective on the first day of the third month following passage and approval by the Governor.