HB530 Summary

• Authorizes additional tax revenues to be pledged for Alabama Transportation Infrastructure Bank bonds, including motor vehicle license taxes, diesel fuel taxes, and identification marker fees, with amounts determined by the Director of Transportation and approved by the Governor.

• Irrevocably appropriates specified gasoline tax, motor vehicle license, diesel fuel, and identification marker fee revenues to capitalize the bank and pay debt service on bonds, with pledges subordinate to certain Alabama Federal Aid Highway Finance Authority and Highway Finance Corporation obligations.

• Removes requirement that bonds be issued by the State Treasurer and eliminates the State Treasurer trustee designation requirement, allowing the bank greater flexibility in bond issuance and trustee selection.

• Clarifies that bank bonds and financial assistance are limited obligations of the bank payable only from pledged revenues, not obligations of the state, with neither state full faith and credit nor taxing power pledged for payment.

• Establishes the bank as a nonprofit corporation, authorizes other financial assistance beyond bonds, and permits bank dissolution when no outstanding obligations remain.