AL SB86

Establishes the Alabama Road and Bridge Rehabilitation and Improvement Authority as a public corporation to finance road and bridge rehabilitation and improvement projects through bond issuance payable from new gasoline and diesel fuel excise taxes and fees.

Authorizes the authority to issue up to $2.45 billion in bonds: $1.25 billion for county and municipal road and bridge projects (ATRIP-II projects) and $1.2 billion for state transportation projects (ALDOT projects).

Allocates 50% of net proceeds from pledged gasoline and diesel fuel taxes to the ATRIP-II Projects Special Fund and ALDOT Projects Special Fund for debt service and project costs, with remaining funds distributed to counties and municipalities for road and bridge improvements.

Establishes the ATRIP Committee and ATRIP Supplemental Municipal Allocation Committee to review and certify eligible road and bridge projects for financing, with specific criteria and procedures for county and municipal project selection.

Requires all ATRIP-II projects to be let to contract using ALDOT-approved contractors, subject to competitive bidding on specified dates, with proceeds audited by state examiners and counties and municipalities required to adopt annual project plans.