AL SB315

Amends Section 41-10-629 of the Code of Alabama 1975 to modify the use of revenues in the Alabama 21st Century Fund, which is funded with tobacco settlement revenues.

Allows unused Alabama 21st Century Fund revenues to be applied toward project costs and debt service obligations of the State Industrial Development Authority (also known as Alabama Incentives Financing Authority).

Transfers $5,000,000 from the Alabama 21st Century Fund to the Alabama Department of Commerce for fiscal year ending September 30, 2025, designated for establishing international offices, enhancing rural development strategies, and covering operational and personnel costs.

Removes the prior requirement that specific minimum amounts be retained in the fund each fiscal year for bond debt service, replacing it with a flexible framework based on actual payment needs.

Becomes effective immediately upon passage.