HB311 Summary

• Establishes a board of directors for the Alabama Transportation Infrastructure Bank consisting of seven voting members, including the Department of Transportation Director (chair) and State Finance Director (secretary), plus four members appointed by the Governor and one each from the House and Senate.

• Authorizes additional tax revenues to be pledged for bank bond payments, including motor vehicle license and registration fees, diesel fuel taxes, gasoline taxes, motor carrier taxes, and identification marker fees, with all pledges requiring Director of Transportation recommendation and Governor approval.

• Creates three new sections (23-7-29, 23-7-30, 23-7-31) to govern other financial assistance, specify the bank as a nonprofit corporation with net earnings paid to the state after obligations are met, and provide dissolution procedures when no outstanding bonds or obligations remain.

• Allows loans to be disbursed to refinance temporary financing for qualified project costs, establishes permitted investments criteria for bank funds, and clarifies that bank bonds are limited obligations payable only from pledged bank revenues without pledging state credit or taxing power.

• Removes requirement that bonds be issued by the State Treasurer and eliminates the requirement for State Treasurer designation of bond trustees, allowing the bank to appoint corporate trustees with trust powers.