Ala. Admin. Code r. 305-5-4-.01
Act 90-650 of the 1990 Legislative Session of the State of Alabama provides for the appropriation of $500,000 to the Alabama Department of Economic and Community Affairs for grants to the regional planning and development commissions. The primary purposes of the Act are to establish several economic development revolving loan funds from which several existing regional planning and development commissions may draw upon to facilitate access to base funds, which include any monies (federal, local, private, foundation grants or funds derived from any legal source) not appropriated pursuant to the purpose of this Act that are used to match the state funds, appropriated pursuant to this Act; to provide for a permanent Regional Revolving Loan Policy Committee to review and approve allocations from the Alabama Department of Economic and Community Affairs to these revolving loan funds of several regional planning and development commissions throughout the state; and to authorize the Alabama Department of Economic and Community Affairs to promulgate and implement administrative rules and procedures for the administration of such revolving loan funds, from which these regional planning and development commissions may disperse monies from time to time to finance local economic development projects.
Authors: David S. Barley, Jr.; Dr. Don C. Hines.
Ala. Admin. Code r. 305-5-4-.01
Statutory Authority: Act 90-650, Legislature of the State of Alabama.