SB385 Summary

• Authorizes additional tax revenues to be pledged to pay and secure revenue bonds issued by the Alabama Transportation Infrastructure Bank, including motor vehicle license taxes, diesel fuel taxes, and identification marker fees.

• Irrevocably appropriates gasoline tax revenues, motor vehicle license and registration fees, diesel fuel taxes, and identification marker fees to capitalize the bank and pay debt service on bonds as determined by the Director of Transportation and approved by the Governor.

• Clarifies that bank bonds are limited obligations payable only from pledged bank revenues and do not constitute state debt or pledge the state's full faith and credit or taxing power.

• Removes the requirement that the State Treasurer issue bank bonds and establishes procedures for bank operations, audits by the Department of Examiners of Public Accounts, and granting of other financial assistance.

• Establishes the bank as a nonprofit corporation and provides for its dissolution when no outstanding bonds or obligations remain, with any remaining property passing to the state.