Ala. Code § 41-10-801

Current through the 2024 Regular Session.

Section 41-10-801 - Definitions

For the purposes of this article, the following terms have the following meanings:

(1) ASPIRING ALABAMIAN. A person who has less than one hundred thousand dollars ($100,000) of household net worth and who satisfies at least one of the following criteria:

a. The person has a principal residence in a community eligible for investment through the federal New Markets Tax Credit program under 26 U.S.C. § 45D(e)(1) as those communities were identified as of January 1, 2015, or in such a community identified thereafter.

b. The person owns at least a majority interest in a business located in a community eligible for investment through the federal New Markets Tax Credit program under 26 U.S.C. § 45D(e)(1) as those communities were identified as of January 1, 2015, or in such a community identified thereafter.

c. The person does not hold, and is not actively pursuing, a baccalaureate degree or does not have a parent or legal guardian who holds a baccalaureate degree.

d. The person has at least one parent who does not have a high school diploma or its equivalent.

(2) BOARD. The governing board of the corporation.

(3) CORPORATION. The Alabama Innovation Corporation created by this article as an authority organized as a public corporation having a legal existence separate and apart from the state and any county, municipality, or political subdivision.

(4) ECONOMIC DEVELOPMENT AND INNOVATION ENTITY.

a. A nonprofit corporation that possesses all of the following characteristics:

1. Is organized as a nonprofit corporation exempt from federal income tax under Section 501(c) of the Internal Revenue Code of 1986, as amended.

2. Has a record of, or can demonstrate that it is capable of, serving the entire state on matters involving economic development.

3. Has a record of, or can demonstrate that it is capable of, managing startup competitions or related programming designed to foster an innovation-based economy.

4. Has received, or is eligible to receive, grant funding from the state or from federal or private sources.

b. In determining whether a nonprofit corporation qualifies as an economic development and innovation entity, the board may attribute to the nonprofit corporation the experiences of its officers, staff, and directors with other nonprofit corporations.

(5) ELIGIBLE INVESTMENTS. All of the following:

a. Demand deposits (interest bearing) in federally insured banks, and interest bearing deposits, whether or not evidenced by certificates of deposits, in federally insured banks; provided, however, that the deposits plus interest shall be fully secured by obligations described in paragraphs b. and c., to the extent that the deposits plus interest exceed insurance available from the Federal Deposit Insurance Corporation, or from any agency of the United States of America that may succeed to the functions of the Federal Deposit Insurance Corporation.

b. Bonds, notes, and other evidences of indebtedness that are direct obligations of the United States of America or that are unconditionally guaranteed as to both principal and interest by the United States of America.

c. Bonds, debentures, notes, or other evidences of indebtedness issued or guaranteed by any federal agencies or government sponsored enterprises authorized to issue their own debt instruments including, without limitation, to any of the following: Federal Farm Credit Bank, Federal Intermediate Credit Banks, the Export-Import Bank of the United States, Federal Land Banks, the Federal National Mortgage Association, the Governmental National Mortgage Association, the Federal Financing Bank, Federal Banks for Cooperatives, Federal Home Loan Banks, Federal Home and Loan Mortgage Association, or the Farmers Home Administration.

d. Repurchase agreements with federally insured banks or with government bond dealers reporting to and trading with the Federal Reserve Bank of New York, provided that the repurchase agreements are secured by obligations described in paragraphs b. and c.

e. Interest-bearing time deposits, whether or not evidenced by certificates of deposit, in savings and loan associations:

(i) the deposits of which are insured to the maximum extent possible by the Federal Savings and Loan Insurance Corporation or any agency of the United States of America that may succeed to its functions; and

(ii) the principal office of which is located in the state. The deposits plus interest shall be secured by obligations described in paragraphs b. and c., to the extent that the deposits plus interest exceed insurance available from the Federal Savings and Loan Insurance Corporation or from any agency of the United States of America that may succeed to the functions of the Federal Savings and Loan Insurance Corporation.

f. Other legal investments which the corporation determines will have the effect of growing an innovative economy.

(6) FUND. The Alabama Innovation Fund.

(7) SMALL BUSINESS INNOVATION RESEARCH. The grants and programs defined in 15 U.S.C. § 638(e)(4).

(8) SMALL BUSINESS TECHNOLOGY TRANSFER RESEARCH. The grants and programs defined in 15 U.S.C. § 638(e)(6).

(9) STEM. Science, technology, engineering, and mathematics.

Ala. Code § 41-10-801 (1975)

Amended by Act 2024-441,§ 1, eff. 6/1/2024.

Added by Act 2021-455,§ 1, eff. 7/1/2021.