SB339 Summary

• Authorizes the Alabama Highway Authority to issue up to $650 million in bonds for financing and construction of public roads and bridges, with no limit on refunding bonds.

• Creates the Public Road and Bridge Construction Council composed of the Transportation Director and one member each appointed by the Lieutenant Governor, Commissioner of Agriculture and Industries, President Pro Tempore of the Senate, and Speaker of the House to review and approve projects.

• Pledges entire $.13 per gallon net motor fuel tax proceeds to pay principal, premium, and interest on bonds, with state covenant not to reduce pledged tax revenues below certain levels while bonds are outstanding.

• Requires counties to provide 5% local match for projects and limits each county to receiving no more than 5% of total bond proceeds; projects must be completed within one year of funding.

• Establishes the Alabama Highway Authority Road and Bridge Construction Fund in the State Treasury to receive bond proceeds for payment of construction costs approved by the Council.