SB205 Alabama 2023 Session

Summary

Primary Sponsor

Arthur Orr Senator

Republican

Session

Regular Session 2023

Title

Relating to the Alabama Transportation Infrastructure Bank; to amend Sections 23-7-2 and 23-7-15, Code of Alabama 1975, to include additional entities, including tax increment districts, Alabama improvement districts, and cooperative improvement districts, as government units that may receive loans or financial assistance from the bank; to reduce the minimum project cost to be eligible for assistance from the bank; and to further provide for the bank's annual reporting requirements.

Description

Under existing law, the Alabama Transportation Infrastructure Bank is a public corporation that exists to select and assist in financing major qualified projects by providing loans and other financial assistance to government units for constructing and improving highway and transportation facilities necessary for public purposes.

This bill would include additional entities, including tax increment districts, Alabama improvement districts, and cooperative improvement districts, as government units that may receive loans or financial assistance from the bank.

Under existing law, the minimum project cost to be eligible for assistance from the bank is $5,000,000.

This bill would reduce the minimum project cost to be eligible for assistance from the bank to $1,000,000.

This bill would also further provide for the bank's annual reporting requirements.

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