HB346 Alabama 2015 Session

Updated Jul 24, 2021

House Bill

In Committee

Current Status

Regular Session 2015

Session

1

Sponsor

Summary

Primary Sponsor: Victor Gaston Representative
Republican
Session: Regular Session 2015
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: 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.
Subjects: Transportation Department