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Panel advances bill to redirect surplus from Alabama First Century Fund to energy and economic programs
Summary
Committee considered legislation to reallocate surplus revenues from the Alabama First Century Fund toward energy infrastructure and economic development authorities, with formulas for transfers and preservation of debt service coverage.
Lawmakers reviewed a bill that would direct surplus revenue from the Alabama First Century Fund to energy infrastructure and related economic development programs.
A presenter described the measure as amending Alabama Code §401‑21‑629 to direct any First Century Fund revenues not used for debt service to the State Industrial Development Authority (SIDA) or the Alabama Energy Infrastructure Bank. The presenter said the effect of the provision would be to provide roughly $16,000,000 annually to the energy bank when the First Century Fund has no outstanding obligations.
The bill also outlines distributions of surplus: the presenter described transfers of $50,000,000 to a development fund within SIDA, $10,000,000 to the Alabama Incentives Financing Authority for project costs, and $5,000,000 to the Department of Commerce to establish an international office and rural development strategies and to cover operational costs. The presenter said the fund is primarily backed by settlement revenue and an annual $60,000,000 appropriation.
Committee members moved the bill forward; the transcript records a motion and a favorable report. Fiscal and statutory mechanics were discussed at a high level; the transcript did not include a detailed fiscal note or a roll‑call tally.
