Alabama 21st Century Fund, further distribution of funds, one-time appropriation to the Department of Commerce

SB 315 modifies how funds from the Alabama 21st Century Fund, sourced from tobacco settlement revenues, can be used. It allows revenues not needed for the Alabama 21st Century Authority's bond debt service to instead cover other project costs and debt service for bonds issued by the State Industrial Development Authority. Additionally, the bill mandates a one-time transfer of $5,000,000 from the fund to the Alabama Department of Commerce. These transferred funds are designated for establishing international offices, enhancing rural development strategies, and covering associated operational and personnel costs.