HB366 Alabama 2014 Session

Under existing law, the Alabama Federal Aid Highway Finance Authority is authorized to issue bonds to finance transportation projects that qualify for federal aid funding. Bonds issued by the authority are repaid from federal aid funds provided to the state

In order to enhance the Authority's ability to issue bonds at a lower rate of interest, this bill would amend Sections 23-1-181, 23-1-301, 23-1-305, 23-1-309, 23-1-311, 23-1-313, 23-1-314 and 23-1-315 to provide further for the membership of the Alabama Federal Aid Highway Finance Authority; to eliminate unnecessary references to interest coupons on bonds issued by the authority; to provide for the pledge of certain state gasoline tax revenues to secure bonds issued by the authority; to provide that pledges by the authority to secure bonds issued by it may include some but not all funds appropriated and pledged by law, and may be on parity with pledges to secure other obligations of the authority, or in order of priority, within the discretion of the authority; to provide that the pledges of certain state gasoline tax revenues to secure bonds issued by the authority shall be on parity with pledges of those tax revenues to secure obligations issued by the Alabama Highway Finance Corporation; to provide further for investment of proceeds of bonds issued by the authority and of pledged revenues held in the sinking fund created to secure such bonds; and to define certain terms

To provide further for the membership of the Alabama Federal Aid Highway Finance Authority; to eliminate unnecessary references to interest coupons on bonds issued by the authority; to provide for the pledge of certain state gasoline tax revenues to secure bonds issued by the authority; to provide that pledges by the authority to secure bonds issued by it may include some but not all funds appropriated and pledged by law, and may be on parity with pledges to secure other obligations of the authority, or in order of priority, within the discretion of the authority; to provide that the pledges of certain state gasoline tax revenues to secure bonds issued by the authority shall be on parity with pledges of such tax revenues to secure obligations issued by the Alabama Highway Finance Corporation; to provide further for investment of proceeds of bonds issued by the authority and of pledged revenues held in the sinking fund created to secure such bonds; and to define certain terms.