Title 23 — Title 23

This chapter shall be cited as the Alabama Transportation Infrastructure Bank Act. History: (Act 2015-50, §1.)

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 assessments upon property or upon its operations or the income from them, or taxes or assessments upon property or loan obligations acquir…

(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 under the terms of any note or other obligation of the government unit, the bank shall notify the State Finance Director who shall direct the withholding of a…

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 by this chapter, is subject to any liability resulting from carrying out any of the powers given in this chapter, unless the officer or…

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 any act of the bank subject to any referendum. History: (Act 2015-50, §13.)

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 applicable federal requirements. History: (Act 2015-50, p. 173, §14; Act 2018-290, §1.)

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 and to the Legislature. The report may be incorporated into the annual report required pursuant to Section 23- 1-35 or may be prepared as…

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, nothing in this chapter shall be construed as affecting any proceeding, notice, or approval required by law for the issua…

(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 bank may issue bonds as provided in this chapter. (b) The bank may pledge any of its revenue or funds to the payment of its b…

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 political subdivisions, but shall be limited obligations of the bank payable solely from the revenue, money, or property of the bank…

(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 the time which the resolution provides, except that no bond may mature more than 40 years from its date of issue. (c) The bonds may be in the denominations, b…

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 of directors of the bank. (3) BONDS. Includes bonds, notes, or other evidence of indebtedness except as otherwis…

(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 having trust powers or any trust company doing business in this state. A trust indenture may contain provisions for protecting and enforcing the ri…

(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 time the pledge is made. The revenue, money, or property pledged and received by the bank is immediately subject to the lien of the pledge w…

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 price. If the bonds are then redeemable, the price shall not exceed the redemption price then applicable plus accrued interes…

Bonds of the bank shall be in a form and shall be executed in a manner prescribed by the bank. History: (Act 2015-50, §23.)

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 or authorized facsimile signatures are nevertheless valid and sufficient for all purposes as if they had remained in office until the delivery of th…

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, the holders of bonds issued under this chapter before the enactment of the amendments until the bonds, with all premiums and inter…

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 the state and by the local governments and other political subdivisions of the state. History: (Act 2015-50, §26.)

(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 municipalities and political subdivisions, all insurance companies and associations and other persons carrying on insurance business,…

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 performed by a workforce which consists of only legal residents of the State of Alabama. History: (Act 2015-50, §28.)

(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 and enter into financing agreements, including, without limitation, a trust indenture between the bank and a corporate trustee, which m…

(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 directors as provided in this chapter. (c) The corporate purpose of the bank is to select and assist in financing major qualified projec…

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 of any individual, firm, or corporation, except that in the event its board of directors shall determine that sufficient provi…

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 with the Secretary of State of an application for dissolution, which shall be subscribed by each of the directors of the bank and whi…

(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 of the Department of Transportation, ex officio, who shall be designated as chair. (2) The State Finance Director, ex officio, who shall be …

(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, and administer the bank, and to perform its other functions including, but not limited to, the following power to: (1) Have perp…

(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 determined by the Director of the Department of Transportation and approved by the Governor, of an amount not to exceed revenues produced by one…

(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 may establish accounts and subaccounts within the state highway account and the federal highway account as considered desirable to…

(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 a qualified project. The term of the loan or other financial assistance must not exceed the useful life of the project. The bank may require the gover…

(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 obligations to the bank may perform any acts, take any action, adopt any proceedings, and mak…