Section 41-10-48.12 Strategic Energy Infrastructure Development Fund.

(a) For the benefit of the state and the residents of the state, there is created in the State Treasury an irrevocable fund named the Strategic Energy Infrastructure Development Fund. From June 1, 2025, through the fiscal year ending September 30, 2030, the funding under the strategic development fund shall be utilized for the infrastructure improvements and items permitted under Section 41-10-48.13 and for other energy infrastructure projects, in each case located in rural areas, with any funds remaining in the strategic development fund as of September 30, 2030, carried over and continued to be used for such purposes until fully depleted. Of the funding for the strategic development fund for fiscal years ending after September 30, 2030, excluding any carry-over funds as mentioned in the immediately preceding sentence, 50 percent shall be used for the infrastructure development in rural areas described in Section 41-10-48.13 and 50 percent shall be used for other energy infrastructure projects wherever located in the state. In the event applications are not received for infrastructure development projects in the rural areas in fiscal years after September 30, 2030, by the close of the third quarter of any fiscal year, the funds may revert and be used for energy infrastructure projects wherever located in the state. (b) The strategic development fund shall be under the management and control of the authority, and all powers necessary or appropriate for the management and control of the strategic development fund shall be vested solely in the authority. The authority may make whatever representations and covenants it finds reasonable or necessary for federal grant applications and agreements and may take whatever actions the authority deems reasonable or necessary to implement such grants. (c) The strategic development fund shall be funded initially with an appropriation of fifty million dollars ($50,000,000) from the Alabama 21st Century Fund, with additional funding sources including: (1) Revenue sources as directed by, and at the discretion of, the Legislature; (2) Appropriations as directed by, and at the discretion of, the Legislature; (3) Federal grants and other financing which the authority determines will have the effect of advancing economic development in Alabama; (4) Proceeds of any gifts, grants, or contributions; and (5) Any other lawful sources. (d) The strategic development fund shall be administered in accordance with this section. All revenues received by the strategic development fund shall be deposited in the fund upon receipt and may be invested by the authority and withdrawn and expended by the authority in a manner consistent with the powers granted to the authority. (e) Funding shall be provided to projects in accordance with Section 41-10-48.13 in the form of financial assistance or grants.