Alabama. State Industrial Development Authority.

Sources:

Alabama Government Manual, 1990.

Ala. Code 41-10-20 through 41-10-32 (1975).

Ala. Acts 65-662; 89-404.

The Authority was established in 1965. It exists to provide for the preparation of industrial sites by issuing bonds. It held its first meeting on 1965 Oct. 18. It is a public corporation consisting of the Director of the Alabama Development Office, who is the President; the Commissioner of Revenue, who is the Vice-President; and the Director of Finance, who is Secretary. The State Treasurer also has certain duties with respect to the funds of the Authority. Members are not compensated additionally for their duties as members of the corporation. Any two members of the Authority constitute a quorum.

The Authority issues bonds, makes surveys to determine suitable locations for prospective industries and to determine the availability of labor in terms of skill and educational level. Bonds are issued in amounts specified by the Legislature, and are not general obligation bonds of the state. Proceeds from the sale of bonds may go to counties, municipalities, or local industrial development boards organized as public corporations. The Authority can audit the disbursements made by grantees.