SB100 Summary

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

• Makes gasoline tax, truck license/registration fee, diesel fuel tax, motor carrier tax, and identification marker fee revenues irrevocably appropriated 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 of the bank payable only from pledged revenues, not obligations of the state, and that neither state full faith and credit nor taxing power is pledged for repayment.

• Removes requirement that bonds be issued by the State Treasurer and allows the bank to issue bonds directly; permits bonds to be secured by pledges of specific revenues, loan obligations, grants, guaranties, credit enhancements, and other bank property or assets.

• Establishes the bank as a nonprofit corporation, adds provisions for other financial assistance beyond bonds, allows pledges to be valid without recording or filing, and permits dissolution when no outstanding obligations remain.