Fund created; project obligations.

(a) There is created the Accelerate Alabama Fund, which may consist of monies appropriated or otherwise made available by the Legislature in any manner, proceeds of project obligations issued by the authority, and monies from any other source designated for deposit into such fund, but not including monies subject to a constitutional designation for some other purpose. Unexpended amounts remaining in the fund at the end of each fiscal year of the state shall not lapse into the State General Fund. Any investment earnings or interest earned on amounts in the fund and all loan payments of principal and/or interest shall be deposited to the credit of the fund.

(b) In addition to the purposes for which the authority may issue project obligations, the authority is hereby authorized to issue project obligations to provide money for the fund. Project obligations shall be issued as provided in Section 41-10-44.6, subject, however, to the following:

(1) Project obligations may also be payable solely from revenues and receipts of the authority derived from a targeted county financing agreement, from any other source described in Section 41-10-45.4(a), or from any combination thereof; and

(2) Project obligations may be secured by a pledge of, or security interest in, any revenues, collateral, or other security described in Section 41-10-45.4(a), from any other source permitted by law, or from any combination thereof.

(c) In addition to the purposes for which the authority may use the proceeds of project obligations pursuant to Section 41-10-44.7, the proceeds of project obligations issued to provide money for the fund remaining after adequate provision for the payment of the expenses of issuance may be deposited in the fund and used as provided in this article.

(d) In addition to the purposes for which the authority may refund project obligations pursuant to Section 41-10-44.10, the authority may issue project obligations to refund project obligations issued to provide money for the fund. Refunding project obligations shall be issued as provided in Section 41-10-44.10, subject, however, to the following:

(1) Refunding project obligations may also be payable solely from revenues and receipts of the authority derived from a targeted county financing agreement, from any other source described in Section 41-10-45.4(a), or from any combination thereof; and

(2) Refunding project obligations may be secured by a pledge of, or security interest in, any revenues, collateral or other security described in Section 41-10-45.4(a), from any other source permitted by law, or from any combination thereof.

(Act 2015-41, §4.)