Code of Alabama - Title 23: Highways, Roads, Bridges and Ferries - Chapter 7 - Alabama Transportation Infrastructure Bank Act

• Section 23-7-1 Short title
  This chapter shall be cited as the Alabama Transportation Infrastructure Bank Act.
• Section 23-7-2 Definitions
  For the purposes of this chapter, the following words shall have the following meanings: (1) BANK. The Alabama Transportation Infrastructure Bank. (2) BOARD. The board...
• Section 23-7-3 Creation; purpose; accounts
  (a) There is created a public corporation to be known as the Alabama Transportation Infrastructure Bank. (b) The bank is governed by a board of...
• Section 23-7-4 Board of directors
  (a) The board of directors is the governing board of the bank. The board shall consist of seven voting members as follows: (1) The Director...
• Section 23-7-5 Powers and functions
  (a) In addition to the powers contained in other provisions of this chapter, the bank has all power necessary, useful, or appropriate to fund, operate,...
• Section 23-7-6 Funding; pledge of revenues
  (a) The following sources may be used to capitalize the bank and for the bank to carry out its purposes: (1) An annual contribution, as...
• Section 23-7-7 Administration and operations of bank
  (a) Earnings on balances in the federal highway account, as created by this chapter, must be credited and invested according to federal law. The bank...
• Section 23-7-8 Loans and financial assistance; eligible and qualified projects
  (a) The bank may provide loans and other financial assistance to a government unit to pay for all or part of the eligible cost of...
• Section 23-7-9 Financing agreements; other authorized financing; security interests
  (a) Qualified borrowers may obtain loans or other financial assistance from the bank through financing agreements. Qualified borrowers entering into financing agreements and issuing loan...
• Section 23-7-10 Essential governmental function of bank; taxation
  The bank is performing an essential governmental function in the exercise of the powers conferred upon it and is not required to pay taxes or...
• Section 23-7-11 Failure to collect or remit funds due; withholding of funds
  (a) If a government unit fails to collect and remit in full all amounts due to the bank on the date these amounts are due...
• Section 23-7-12 Liability under chapter
  Neither the board nor any officer, employee, or committee of the bank acting on behalf of it, while acting within the scope of authority granted...
• Section 23-7-13 Notice, publication, etc., referenda
  Notice, proceeding, or publication, except those required in this chapter, are not necessary to the performance of any power authorized in this chapter nor is...
• Section 23-7-14 Investment of funds
  Money in funds or accounts of the bank may be invested in permitted investments; provided, the investment of any federal funds shall comply with any...
• Section 23-7-15 Annual report; audit
  Following the close of each state fiscal year, the bank shall submit an annual report of its activities for the preceding year to the Governor...
• Section 23-7-16 Construction of chapter
  This chapter, being for the welfare of this state and its inhabitants, shall be liberally construed to effect the purposes specified in this chapter. However,...
• Section 23-7-17 Bonds authorized
  (a) Whenever it shall become necessary that monies be raised for qualified projects, including monies to be used to refund any bonds then outstanding, the...
• Section 23-7-18 Liability for bonds
  Bonds, other financial assistance, and other obligations issued by the bank shall not constitute an obligation or debt of this state, or any of its...
• Section 23-7-19 Requirements for bonds
  (a) The bonds of the bank must be authorized by a resolution of the bank. (b) The bonds shall bear the date and mature at...
• Section 23-7-20 Securing of bonds - Trust indenture
  (a) Bonds may be secured by a trust indenture between the bank and a corporate trustee, which may be the State Treasurer or any bank...
• Section 23-7-21 Securing of bonds - Pledge
  (a) Any pledge made by the bank to secure its obligations with respect to bonds or other financial assistance is valid and binding from the...
• Section 23-7-22 Purchase of outstanding bonds
  The bank, subject to agreements with bondholders as may then exist, may purchase outstanding bonds of the bank with any available funds, at any reasonable...
• Section 23-7-23 Form and execution of bonds
  Bonds of the bank shall be in a form and shall be executed in a manner prescribed by the bank.
• Section 23-7-24 Validity of signatures on bonds
  If any of the members or officers of the bank cease to be members before the delivery of any bonds signed by them, their signatures...
• Section 23-7-25 Limitation on amendments
  Subsequent amendments to this chapter may not limit the rights vested in the bank with respect to any agreements made with, or remedies available to,...
• Section 23-7-26 Taxation of bonds and income
  Any bonds issued by the bank, the transfer of bonds, and the income from them, are free from taxation and assessment of every kind by...
• Section 23-7-27 Construction and use of bonds
  (a) The bonds issued by the bank are legal investments in which all public officers or public bodies of the state, its political subdivisions, all...
• Section 23-7-28 Performance of contracts by legal residents of Alabama
  Except as otherwise prohibited by Federal law, all contracts funded with the revenue or bond proceeds which are authorized pursuant to this chapter shall be...
• Section 23-7-29 Other financial assistance authorized
  (a) The granting of other financial assistance by the bank shall be authorized by a resolution of the bank. (b) The bank may execute instruments...
• Section 23-7-30 Net earnings of bank not to inure to benefit of any individual, firm, or corporation
  The bank shall be a nonprofit corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit...
• Section 23-7-31 Dissolution of bank
  At any time when no bonds, other financial assistance, or other obligations of the bank are outstanding, the bank may be dissolved upon the filing...

Last modified: May 3, 2021