SB60 Alabama 2014 Session

This bill would create the Alabama Transportation Infrastructure Bank for the purpose of selecting and assisting in the financing of major qualified transportation projects by providing loans and other financial assistance to certain government entities for constructing and improving highways and transportation facilities necessary for public purposes, including economic development

This bill would specify the membership, powers, duties, terms, sources for capitalization, and liability of the bank, as well as the procedures for the bank to provide loans and other financial assistance to government entities for qualified projects

This bill may redistribute a portion of revenues produced by one cent ($.01) a gallon of the tax on gasoline pursuant to Act 2011-565 and may redistribute revenues collected pursuant to Section 40-12-248, Code of Alabama 1975

This bill would authorize the bank to issue bonds for certain qualified projects under certain conditions

This bill would also require an annual audit of the books and accounts of the bank and would require the bank to submit an annual report to the Governor and the Legislature

To establish the Alabama Transportation Infrastructure Bank; to specify the membership, powers, duties, terms, sources for capitalization, and liability of the bank; to provide for the redistribution of a portion of gasoline tax revenues and motor vehicle registration fee revenues; to provide procedures for the issuance of loans and other financial assistance to certain government entities for certain qualified projects; to provide authority for the bank to issue certain bonds under certain conditions; to require the bank to report annually to the Governor and the Legislature.