HB107 Summary

• Amends Section 23-1-314 of the Alabama Code to change when pledged revenues must be deposited into the sinking fund for the Alabama Federal Aid Highway Finance Authority.

• Changes the requirement from setting aside the first monies received during each fiscal year until sufficient amounts accumulate to instead require deposit "no later than the date for payment of the principal of and interest on the obligations."

• Allows the State Department of Transportation flexibility in timing revenue deposits while still ensuring funds are available by the obligation payment date.

• Becomes effective immediately upon passage and approval by the Governor.