SB 86

Sponsors

Session

Regular Session 2018

Title

Alabama Road and Bridge Rehabilitation and Improvement Authority established to finance road and bridge improvements, authority to issue bonds, etc.

Description

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 proceeds from any new levy of gasoline and diesel fuel excise taxes and fees appropriated, allocated or made payable in whole or in part to the authority by an act of the Legislature

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 $2,450,000,000, of which $1,250,000,000 thereof shall be issued to finance county and municipal road and bridge rehabilitation and improvement projects and the balance thereof issued to finance state road and bridge rehabilitation and improvement projects, and to provide for the use of any proceeds from any new levy of gasoline and diesel fuel excise taxes and fees appropriated, allocated or made payable to the authority in whole or in part by an act of the Legislature to pay debt service on such bonds and other obligations issued to provide funds for Alabama Transportation Rehabilitation and Improvement (ATRIP) Projects and Alabama State Department of Transportation Projects (as defined herein) and to pay the costs of such projects and the expense of issuing 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 State Department of Transportation of road and bridge improvement projects to be financed with proceeds of the bonds authorized to be issued hereby; and to provide that the authority may issue refunding bonds to prepay and retire any bonds and other obligations of the authority.

Subjects

Authorities