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.
Assigned Act No. 2015-50.
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 331
Third Reading Adopted
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
Engrossed
Motion to Read a Third Time and Pass adopted Roll Call 155
Motion to Adopt adopted Roll Call 154
Singleton Amendment Offered
Third Reading Passed
Motion to Carry Over to the Call of the Chair adopted Voice Vote
Motion to Adopt adopted Roll Call 151
Finance and Taxation General Fund Amendment Offered
Third Reading Carried Over to Call of the Chair
Read for the second time and placed on the calendar 1 amendment
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
Source: Alabama Legislature