Code of Alabama
Title 23 - Highways, Roads, Bridges and Ferries.
Chapter 7 - Alabama Transportation Infrastructure Bank Act.

Section 23-7-1 - Short Title. - This chapter shall be cited as the Alabama Transportation Infrastructure...

Section 23-7-2 - Definitions. - For the purposes of this chapter, the following words shall...

Section 23-7-3 - Creation; Purpose; Accounts. - (a) There is created a public corporation to be known...

Section 23-7-4 - Board of Directors. - (a) The board of directors is the governing board of...

Section 23-7-5 - Powers and Functions. - (a) In addition to the powers contained in other provisions...

Section 23-7-6 - Funding; Pledge of Revenues. - (a) The following sources may be used to capitalize the...

Section 23-7-7 - Administration and Operations of Bank. - (a) Earnings on balances in the federal highway account, as...

Section 23-7-8 - Loans and Financial Assistance; Eligible and Qualified Projects. - (a) The bank may provide loans and other financial assistance...

Section 23-7-9 - Financing Agreements; Other Authorized Financing; Security Interests. - (a) Qualified borrowers may obtain loans or other financial assistance...

Section 23-7-10 - Essential Governmental Function of Bank; Taxation. - The bank is performing an essential governmental function in the...

Section 23-7-11 - Failure to Collect or Remit Funds Due; Withholding of Funds. - (a) If a government unit fails to collect and remit...

Section 23-7-12 - Liability Under Chapter. - Neither the board nor any officer, employee, or committee of...

Section 23-7-13 - Notice, Publication, etc., Referenda. - Notice, proceeding, or publication, except those required in this chapter,...

Section 23-7-14 - Investment of Funds. - Money in funds or accounts of the bank may be...

Section 23-7-15 - Annual Report; Audit. - Following the close of each state fiscal year, the bank...

Section 23-7-16 - Construction of Chapter. - This chapter, being for the welfare of this state and...

Section 23-7-17 - Bonds Authorized. - (a) Whenever it shall become necessary that monies be raised...

Section 23-7-18 - Liability for Bonds. - Bonds, other financial assistance, and other obligations issued by the...

Section 23-7-19 - Requirements for Bonds. - (a) The bonds of the bank must be authorized by...

Section 23-7-20 - Securing of Bonds - Trust Indenture. - (a) Bonds may be secured by a trust indenture between...

Section 23-7-21 - Securing of Bonds - Pledge. - (a) Any pledge made by the bank to secure its...

Section 23-7-22 - Purchase of Outstanding Bonds. - The bank, subject to agreements with bondholders as may then...

Section 23-7-23 - Form and Execution of Bonds. - Bonds of the bank shall be in a form and...

Section 23-7-24 - Validity of Signatures on Bonds. - If any of the members or officers of the bank...

Section 23-7-25 - Limitation on Amendments. - Subsequent amendments to this chapter may not limit the rights...

Section 23-7-26 - Taxation of Bonds and Income. - Any bonds issued by the bank, the transfer of bonds,...

Section 23-7-27 - Construction and Use of Bonds. - (a) The bonds issued by the bank are legal investments...

Section 23-7-28 - Performance of Contracts by Legal Residents of Alabama. - Except as otherwise prohibited by Federal law, all contracts funded...

Section 23-7-29 - Other Financial Assistance Authorized. - (a) The granting of other financial assistance by the bank...

Section 23-7-30 - Net Earnings of Bank Not to Inure to Benefit of Any Individual, Firm, or Corporation. - The bank shall be a nonprofit corporation and no part...

Section 23-7-31 - Dissolution of Bank. - At any time when no bonds, other financial assistance, or...