HB487 Alabama 2017 Session

This bill would establish the Alabama Road and Bridge Rehabilitation and Improvement Authority for the purposes of establishing a local and state program for financing the rehabilitation and improvement of roads and bridges throughout the state by the issuance of the debt obligations which shall be payable solely from the proceeds from additional gasoline and diesel fuel excise taxes and registration fees on certain alternative fuel vehicles to be levied pursuant to this act

To provide for the establishment and incorporation of the Alabama Road and Bridge Rehabilitation and Improvement Authority; to establish the ATRIP-II Projects Special Fund; to provide that the Authority may issue bonds in an aggregate principal amount not exceeding $2,400,000,000, one-half thereof to finance county and municipal road and bridge rehabilitation and improvement projects and one-half thereof to finance state road and bridge rehabilitation and improvement projects, and to provide for the use of the proceeds of the net tax revenues from additional gasoline and diesel fuel excise taxes and fees provided for in this act to pay debt service on such bonds and other obligations issued to provide funds for Alabama Transportation Infrastructure (ATRIP) Projects and Alabama Department of Transportation Projects (as defined herein) and to pay the costs of such projects and the expenses of issuance of such bonds and other obligations; to provide for additional duties of the ATRIP Committee heretofore established in respect of county and municipal road and bridge rehabilitation and improvement projects to be financed by the Authority; to provide procedures for the proposal to the Authority by the Department of Transportation of road and bridge improvement projects to be financed with proceeds of the bonds authorized to be issued hereby; to provide that the said Authority may issue refunding bonds to prepay and retire any bonds and other obligations of Authority; to amend Section 40-17-325, Code of Alabama 1975, as last amended by Act 2015-54, 2015 Regular Session, relating to gasoline and diesel fuel taxes, to provide for an additional gasoline and diesel fuel taxes; to provide for an adjustment of the additional gasoline and diesel fuel tax rate if certain criteria are met; to provide for additional fees for private passenger alternative fuel vehicles and commercial alternative fuel vehicles, the net proceeds of which additional taxes and fees are to be used as provided herein for payment of debt service on bonds and other obligations of the authority; and to provide for the pledge of the net proceeds of the additional taxes and fees for payment of debt service on bonds and other obligations of the Authority, including refunding bonds, and for the use of proceeds of said additional taxes and fees not needed for payment of such debt service.