Section 23-7-8 – Loans and Financial Assistance; Eligible and Qualified Projects.
Section 23-7-8 Loans and financial assistance; eligible and qualified projects. (a) The bank may provide loans and other financial assistance to a government unit to pay for all or part of the eligible cost of a qualified project. The term of the loan or other financial assistance must not exceed the useful life of the […]
Section 23-7-9 – Financing Agreements; Other Authorized Financing; Security Interests.
Section 23-7-9 Financing agreements; other authorized financing; security interests. (a) Qualified borrowers may obtain loans or other financial assistance from the bank through financing agreements. Qualified borrowers entering into financing agreements and issuing loan obligations to the bank may perform any acts, take any action, adopt any proceedings, and make and carry out any contracts […]
Section 23-7-10 – Essential Governmental Function of Bank; Taxation.
Section 23-7-10 Essential governmental function of bank; taxation. The bank is performing an essential governmental function in the exercise of the powers conferred upon it and is not required to pay taxes or assessments upon property or upon its operations or the income from them, or taxes or assessments upon property or loan obligations acquired […]
Section 23-7-11 – Failure to Collect or Remit Funds Due; Withholding of Funds.
Section 23-7-11 Failure to collect or remit funds due; withholding of funds. (a) If a government unit fails to collect and remit in full all amounts due to the bank on the date these amounts are due under the terms of any note or other obligation of the government unit, the bank shall notify the […]
Section 23-7-12 – Liability Under Chapter.
Section 23-7-12 Liability under chapter. Neither the board nor any officer, employee, or committee of the bank acting on behalf of it, while acting within the scope of authority granted by this chapter, is subject to any liability resulting from carrying out any of the powers given in this chapter, unless the officer or employee […]
Section 23-7-13 – Notice, Publication, etc., Referenda.
Section 23-7-13 Notice, publication, etc., referenda. Notice, proceeding, or publication, except those required in this chapter, are not necessary to the performance of any power authorized in this chapter nor is any act of the bank subject to any referendum. (Act 2015-50, §13.)
Section 23-7-14 – Investment of Funds.
Section 23-7-14 Investment of funds. Money in funds or accounts of the bank may be invested in permitted investments; provided, the investment of any federal funds shall comply with any applicable federal requirements. (Act 2015-50, p. 173, §14; Act 2018-290, §1.)
Section 23-7-15 – Annual Report; Audit.
Section 23-7-15 Annual report; audit. Following the close of each state fiscal year, the bank shall submit an annual report of its activities for the preceding year to the Governor and to the Legislature. The bank also shall submit an annual report to the appropriate federal agency in accordance with requirements of any federal program. […]
Section 23-7-1 – Short Title.
Section 23-7-1 Short title. This chapter shall be cited as the Alabama Transportation Infrastructure Bank Act. (Act 2015-50, §1.)
Section 23-7-2 – Definitions.
Section 23-7-2 Definitions. For the purposes of this chapter, the following words shall have the following meanings: (1) BANK. The Alabama Transportation Infrastructure Bank. (2) BOARD. The board of directors of the bank. (3) BONDS. Includes bonds, notes, or other evidence of indebtedness except as otherwise provided in this chapter. (4) DEPARTMENT or DEPARTMENT OF […]