SB107 Summary

• Creates the Alabama Transportation Infrastructure Bank as a public corporation governed by a 7-member board to provide loans and financial assistance for qualified transportation projects exceeding $5,000,000 in cost.

• Establishes funding sources including up to $0.01 per gallon of gasoline tax revenues under Act 2011-565, motor vehicle registration fees, federal funds, and bond issuance proceeds.

• Authorizes the bank to issue bonds for qualified projects with loan terms not exceeding the useful life of projects, giving preference to projects with strongest local financial support.

• Specifies that bank bonds do not constitute state debt and are payable only from bank revenues, and requires annual audits and reports to the Governor and Legislature.

• Mandates all contracts funded by bank revenues or bond proceeds use only legal residents of Alabama as workforce, except where prohibited by federal law.