SB60 Summary

• Creates the Alabama Transportation Infrastructure Bank as a public corporation to provide loans and financial assistance to government entities for transportation projects exceeding $5 million in cost.

• Establishes a seven-member board of directors consisting of the Department of Transportation Director (ex officio), four Governor-appointed members, and one member each from the House and Senate.

• Funds 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 for qualified transportation projects secured by pledges of revenues, loan obligations, or other bank assets, with bonds not constituting state debt or requiring state taxation.

• Requires annual audits by independent certified public accountants and annual reports to the Governor and Legislature on the bank's activities and financial condition.