SB150 Summary

• Establishes the Alabama Transportation Infrastructure Bank as a public corporation governed by a 7-member board including the Transportation Director, 4 Governor-appointed members, and 1 each from House and Senate.

• Bank provides loans and other financial assistance to government units for highways, roads, bridges, and mass transit projects exceeding $5 million in total cost, with loan terms not exceeding the project's useful life.

• Capitalizes the bank through annual contributions from gasoline tax revenues (up to $0.01 per gallon) and motor vehicle registration fees, plus federal funds, grants, and bond proceeds.

• Authorizes the bank to issue bonds payable solely from bank revenues, not constituting state debt or pledging state faith and credit, with no state taxing power backing the bonds.

• Requires the bank to submit annual reports to the Governor and Legislature, with independent audits of books and accounts at least once per fiscal year, and mandates contracts be performed by legal Alabama residents.