Alabama § 41-29-3.2 - Alabama Development Fund.
Full text of Alabama Code of Alabama § 41-29-3.2 — Alabama Development Fund., with citation guidance and answers to common questions.
§ 41-29-3.2. Alabama Development Fund.
(a) There is created in the State Treasury a fund to be known as the Alabama Development Fund, which shall be administered by the Department of Commerce. Funds received by the State of Alabama from the following sources shall be deposited into the fund: (i) monies received from taxes collected under Chapter 9I of Title 40; (ii) monies appropriated or otherwise made available by the Legislature in any manner excluding State General Fund or Education Trust Fund monies; (iii) proceeds of any gifts, grants, or contributions; and (iv) monies from any other source designated for deposit into the fund, but not including monies subject to a constitutional designation for some other purpose.
(b) No monies shall be withdrawn or expended from the fund for any purpose unless the monies have been appropriated by the Legislature and allocated pursuant to applicable law. Any monies appropriated shall be budgeted and allotted pursuant to the Budget Management Act in accordance with Article 4 of Chapter 4 of this title and only in the amounts provided by the Legislature in the general appropriations act or other appropriations act.
(c) Unexpended amounts remaining in the fund at the end of each fiscal year shall not revert to the State Treasury at the end of any fiscal year but shall be carried forward to the succeeding fiscal year.
(d) The Alabama Department of Commerce may administer the expenditure of funds in the Alabama Development Fund in furtherance of economic development.
Frequently Asked Questions About Alabama § 41-29-3.2
What does Code of Alabama § 41-29-3.2 cover?
Section 41-29-3.2 ("Alabama Development Fund.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 41-29-3.2?
A common citation format is "Code of Alabama § 41-29-3.2" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 41-29-3.2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.