SB205 Alabama 2023 Session

Summary

Primary Sponsor

Arthur OrrSenator

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.

Summary

SB205 expands which government units can receive loans from the Alabama Transportation Infrastructure Bank and lowers the minimum project size for eligibility, with stronger annual reporting.

What This Bill Does

It adds tax increment districts, Alabama improvement districts, and cooperative improvement districts as government units that may receive loans or financial assistance from the bank. It reduces the minimum eligible project cost from $5,000,000 to $1,000,000. It also strengthens annual reporting requirements, including reports to the Governor and Legislature and to the appropriate federal agency, and requires an annual audit of the bank's books by a certified public accountant or the Department of Examiners of Public Accounts.

Who It Affects

• Tax increment districts, Alabama improvement districts, and cooperative improvement districts (as eligible government units for bank loans/assistance).
• Local government units planning transportation projects that qualify for financing (now eligible with a lower project cost threshold and subject to new reporting and audit requirements).

Key Provisions

• Adds tax increment districts, Alabama improvement districts, and cooperative improvement districts as eligible government units for loans or financial assistance from the bank.
• Reduces the minimum project cost to be eligible for assistance from $5,000,000 to $1,000,000.
• Requires annual reporting of the bank's activities to the Governor and Legislature and to the appropriate federal agency; allows incorporation of this reporting into existing annual reports.
• Requires an annual audit of the bank's books by an independent certified public accountant or the Department of Examiners of Public Accounts.

AI-generated summary using openai/gpt-5-nano on Feb 22, 2026. May contain errors — refer to the official bill text for accuracy.