(a) The board of directors is the governing board of the bank. The board shall consist of seven voting members as follows:
(1) The Director of the Department of Transportation, ex officio, who shall be designated as chair.
(2) The State Finance Director, ex officio, who shall be designated as secretary.
(3) Three members appointed by the Governor.
(4) One member of the House of Representatives appointed by the Speaker of the House of Representatives.
(5) One member of the Senate appointed by the President Pro Tempore of the Senate.
(b) Members appointed by the Governor hold office concurrently with the Governor and until their successors are appointed and qualified. Members appointed by the Speaker of the House of Representatives and the President Pro Tempore of the Senate shall serve during the member's term of office during which the member was appointed and until the member's successor is appointed and qualified. The vice chair shall be elected by the board. Any person appointed to fill a vacancy shall be appointed in the same manner as the original appointee for the remainder of the unexpired term.
(c) Any four members of the board of directors shall constitute a quorum for the transaction of business.
(d) All appointing authorities shall coordinate their appointments so that the diversity of gender, race, and geographical areas is reflective of the makeup of this state.
Structure Code of Alabama
Title 23 - Highways, Roads, Bridges and Ferries.
Chapter 7 - Alabama Transportation Infrastructure Bank Act.
Section 23-7-3 - Creation; Purpose; Accounts.
Section 23-7-4 - Board of Directors.
Section 23-7-5 - Powers and Functions.
Section 23-7-6 - Funding; Pledge of Revenues.
Section 23-7-7 - Administration and Operations of Bank.
Section 23-7-8 - Loans and Financial Assistance; Eligible and Qualified Projects.
Section 23-7-9 - Financing Agreements; Other Authorized Financing; Security Interests.
Section 23-7-10 - Essential Governmental Function of Bank; Taxation.
Section 23-7-11 - Failure to Collect or Remit Funds Due; Withholding of Funds.
Section 23-7-12 - Liability Under Chapter.
Section 23-7-13 - Notice, Publication, etc., Referenda.
Section 23-7-14 - Investment of Funds.
Section 23-7-15 - Annual Report; Audit.
Section 23-7-16 - Construction of Chapter.
Section 23-7-17 - Bonds Authorized.
Section 23-7-18 - Liability for Bonds.
Section 23-7-19 - Requirements for Bonds.
Section 23-7-20 - Securing of Bonds - Trust Indenture.
Section 23-7-21 - Securing of Bonds - Pledge.
Section 23-7-22 - Purchase of Outstanding Bonds.
Section 23-7-23 - Form and Execution of Bonds.
Section 23-7-24 - Validity of Signatures on Bonds.
Section 23-7-25 - Limitation on Amendments.
Section 23-7-26 - Taxation of Bonds and Income.
Section 23-7-27 - Construction and Use of Bonds.
Section 23-7-28 - Performance of Contracts by Legal Residents of Alabama.