SB289 Alabama 2014 Session
Signed by Governor
Bill Summary
Sponsors
Session
Regular Session 2014
Title
Federal Aid Highway Finance Authority, membership, gasoline tax revenues pledged to secure bonds of authority, parity of pledge provided, investments further provided for, Secs. 23-1-181, 23-1-301, 23-1-305, 23-1-309, 23-1-311, 23-1-313, 23-1-314, 23-1-315 am'd.
Description
<p class="bill_description"> 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</p><p class="bill_description">
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</p><p class="bill_entitled_an_act"> 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.
</p>
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 26, 2014 | S | Assigned Act No. 2014-105. |
| February 26, 2014 | S | Enrolled |
| February 26, 2014 | H | Signature Requested |
| February 26, 2014 | S | Passed Second House |
| February 26, 2014 | H | Motion to Read a Third Time and Pass adopted Roll Call 431 |
| February 26, 2014 | H | Third Reading Passed |
| February 25, 2014 | H | Read for the second time and placed on the calendar |
| February 20, 2014 | H | Read for the first time and referred to the House of Representatives committee on Transportation, Utilities and Infrastructure |
| February 20, 2014 | S | Motion to Read a Third Time and Pass adopted Roll Call 431 |
| February 20, 2014 | S | Third Reading Passed |
| January 30, 2014 | S | Read for the second time and placed on the calendar |
| January 28, 2014 | S | Read for the first time and referred to the Senate committee on Commerce, Transportation, and Utilities |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB289 Alabama 2014 Session - Introduced |
| Bill Text | SB289 Alabama 2014 Session - Enrolled |