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AL HB213
Bill
Status
2/26/2013
Primary Sponsor
Mac McCutcheon
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AI Summary
HB213 Summary
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Adds the Governor as a member of the Alabama Highway Finance Corporation alongside the Director of Transportation, Attorney General, and Director of Finance, with the Governor serving as president.
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Increases the corporation's maximum borrowing authority from $20 million to $25 million in aggregate principal amount of outstanding bonds for financing road, bridge, and related improvement construction.
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Extends the maturity period for bonds from 20 years to 30 years after issuance date.
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Authorizes bond proceeds to be used for both the state's share and county/municipality matching funds for local roadway and bridge improvement projects through the Rural Assistance Match Program, with joint state and federal funding.
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Requires Governor approval before non-refunding bonds may be issued, and maintains the State Treasurer as treasurer and custodian of corporation funds.
Legislative Description
Highway Finance Corporation, borrowing power clarified, Governor added as member of authority, proceeds of bonds, use by counties and municipalities to match federal funds, Secs. 23-1-174, 23-1-177, 23-1-178, 23-1-181 am'd.
Transportation Department
Last Action
Pending third reading on day 12 Favorable from Commerce, Transportation, and Utilities
3/7/2013