(a) There is created within the State Treasury the Connect Alabama Fund to be administered by the corporation. Appropriations by the Legislature, federal funds, gifts, grants, and other donations from any source that are received by the corporation shall be deposited into the Connect Alabama Fund to be distributed by the corporation to ADECA for use by the division for the implementation and administration of the statewide connectivity plan, including for the payment of the salaries of the division chief and any other employees and for the operating and administrative expenses of the authority and ADECA for the division.
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Terms Used In Alabama Code 41-23-278

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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.
  • 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
  • year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
(b) Any funds that are unspent at the end of a fiscal year shall be carried over for use by the division in the next fiscal year. Any interest earned from these funds shall be credited to the Connect Alabama Fund.
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