SB60 Alabama 2014 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2014
Title
Transportation Infrastructure Bank, established, members, powers, duties, terms, sources for capitalization, liability of bank, procedures for issuance of loans and financial assistance for qualified projects, annual report to Governor and Legislature, audit, Transportation Infrastructure Bank Act
Description
<p class="bill_description"> 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</p><p class="bill_description">
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</p><p class="bill_description">
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</p><p class="bill_description">
This bill would authorize the bank to issue
bonds for certain qualified projects under certain
conditions</p><p class="bill_description">
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</p><p class="bill_entitled_an_act"> 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.
</p>
Subjects
Transportation Department
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 1, 2014 | S | Indefinitely Postponed |
| February 6, 2014 | S | Pending third reading on day 12 Favorable from Finance and Taxation General Fund with 1 amendment |
| February 6, 2014 | S | Read for the second time and placed on the calendar 1 amendment |
| January 14, 2014 | S | Read for the first time and referred to the Senate committee on Finance and Taxation General Fund |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB60 Alabama 2014 Session - Introduced |