HB 346 - Alabama Transportation Infrastructure Bank Act

• Creates the Alabama Transportation Infrastructure Bank as a public corporation to select and finance major transportation projects exceeding $5 million by providing loans and financial assistance to government units for highways, roads, bridges, and mass transit.

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

• Authorizes bank capitalization from gasoline tax revenues (up to $0.01 per gallon from Act 2011-565), motor vehicle registration fees, federal funds, contributions from government units, loan repayments, bond proceeds, and other lawful sources.

• Grants the bank authority to issue bonds with maturities up to 40 years, secured by pledges of revenues or assets, which do not constitute state debt and are exempt from state and local taxation.

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