SB320 Summary

• Amends Alabama Highway Authority powers to issue bonds without principal amount limitations for public roadway improvements, payable from state appropriations and funding agreements with municipalities, counties, and public corporations.

• Extends maximum bond maturity from 20 to 30 years after issuance and allows bonds to be sold at public or private sale rather than requiring public sale only.

• Changes Highway Authority board membership to include the Governor as president, Director of Finance as vice-president, Director of Transportation as secretary, State Treasurer as treasurer, and Attorney General as member.

• Authorizes municipalities, counties, and public corporations to enter funding agreements with the authority to provide security for bond payments by pledging their revenues and funds.

• Authorizes the Highway Authority to receive donations and defines permitted investments for bond proceeds pending disposition, including federal obligations, agency securities, and qualified bank deposits.