SB192 Summary

• Adds the Governor as a member of the Alabama Highway Finance Corporation and designates the Governor as president, with the Director of Finance as vice-president and Director of Transportation as secretary.

• Increases the corporation's maximum borrowing authority from $20 million to $25 million in aggregate principal amount of bonds outstanding at any time.

• Extends the maximum maturity date for bonds from 20 years to 30 years after the date of issuance.

• Allows bond proceeds to fund the state's share of costs for local roadway and bridge improvement projects through the Rural Assistance Match Program, enabling counties and municipalities to access matching funds for projects awarded through the program.

• Requires all persons and entities awarded contracts or employed under this act to reflect the geographic, gender, racial, and ethnic diversity of the state.