SB67 Alabama 2022 Session

Updated Mar 15, 2022

Senate Bill

Enacted

Current Status

Regular Session 2022

Session

Sponsor

Summary

Primary Sponsor: Clyde Chambliss Senator
Republican
Session: Regular Session 2022
Title: Federal Aid Highway Finance Authority, date for payment of principal and interest, further provided, Sec. 23-1-314 am'd.
Description: Under existing law, the State Department of Transportation is required to set aside the first monies received out of the revenues pledged to the obligations of the Alabama Federal Aid Highway Finance Authority in each fiscal year and deposit the same in a sinking fund established within the State Treasury until there shall have been accumulated therein an amount at least sufficient to pay the principal of and interest on the obligations.
This bill would provide that the pledged revenues instead be deposited into the sinking fund no later than the date for payment of the principal of and interest on the obligations.
Subjects: Highways, Roads, and Bridges