SB111 - Alabama Transportation Infrastructure Bank Act

• Establishes the Alabama Transportation Infrastructure Bank as a public corporation governed by a seven-member board consisting of the Department of Transportation Director, four Governor-appointed members, one House member, and one Senate member.

• Bank provides loans and other financial assistance to government units for qualified transportation projects (highways, roads, bridges, mass transit) exceeding $5 million in total cost, with preference given to projects with strong local financial support.

• Capitalizes the bank through annual contributions from gasoline tax revenues (up to $0.01 per gallon) and motor vehicle registration fees, federal funds, grants, bond proceeds, and loan repayments.

• Authorizes the bank to issue bonds payable solely from bank revenues without pledging state full faith and credit, with bonds maturing no later than 40 years from issuance and secured by trust indenture.

• Requires annual audits by independent certified public accountants and annual reports to the Governor and Legislature; implements enforcement mechanism allowing State Treasurer to withhold state funds from borrowers in default.