Alabama Code 41-10-629. Alabama 21st Century Fund
Terms Used In Alabama Code 41-10-629
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: means next after. See Alabama Code 1-1-1
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
For the benefit of the State of Alabama and the citizens thereof, there is hereby created a special fund named the “Alabama 21st Century Fund” which shall be funded with tobacco revenues and administered in accordance with this division. The following amounts shall be retained in the special fund in the following fiscal years and shall be used to pay principal, interest, and premium, if any, due on bonds issued by the authority.
| Fiscal Year | Amount to be Retained |
| 2000 | $7,000,000 |
| 2001 | 9,000,000 |
| 2002 | 11,000,000 |
| 2003-2017 | 13,000,000 |
| 2018 and thereafter | 16,000,000 |
Pending the use of revenues in the special fund for the payment of debt service on the bonds, such revenues shall be invested by the State Treasurer in permitted investments until such revenues are needed for such purposes. Earnings on such permitted investments shall remain a part of the special fund. For the fiscal year ended September 30, 2015, twenty million dollars ($20,000,000) shall be transferred from the Alabama 21st Century Fund to the State General Fund.