SB67 Summary

• Amends Section 23-1-314 of the Alabama Code to modify payment timing requirements for the Alabama Federal Aid Highway Finance Authority's obligations.

• Changes subsection (c) to require that all appropriated and pledged monies be paid into the State Treasury no later than the date for payment of principal and interest on issued obligations, rather than without a specified deadline.

• Maintains the authority's ability to pledge state gasoline tax proceeds and federal aid funds as security for obligations issued after March 1, 2014.

• Directs the State Department of Transportation to set aside revenues in a sinking fund to cover principal and interest payments on obligations that mature or become due during each fiscal year.

• Became effective immediately upon passage and approval by the Governor on March 3, 2022.