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 23-7-10 – 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 23-7-16 – Construction of Chapter.
Section 23-7-16 Construction of chapter. This chapter, being for the welfare of this state and its inhabitants, shall be liberally construed to effect the purposes specified in this chapter. However, nothing in this chapter shall be construed as affecting any proceeding, notice, or approval required by law for the issuance by a government unit of […]
Section 23-7-17 – Bonds Authorized.
Section 23-7-17 Bonds authorized. (a) Whenever it shall become necessary that monies be raised for qualified projects, including monies to be used to refund any bonds then outstanding, the bank may issue bonds as provided in this chapter. (b) The bank may pledge any of its revenue or funds to the payment of its bonds, […]
Section 23-7-18 – Liability for Bonds.
Section 23-7-18 Liability for bonds. Bonds, other financial assistance, and other obligations issued by the bank shall not constitute an obligation or debt of this state, or any of its political subdivisions, but shall be limited obligations of the bank payable solely from the revenue, money, or property of the bank pledged for such purpose […]
Section 23-7-19 – Requirements for Bonds.
Section 23-7-19 Requirements for bonds. (a) The bonds of the bank must be authorized by a resolution of the bank. (b) The bonds shall bear the date and mature at the time which the resolution provides, except that no bond may mature more than 40 years from its date of issue. (c) The bonds may […]
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 […]
Section 23-7-20 – Securing of Bonds – Trust Indenture.
Section 23-7-20 Securing of bonds – Trust indenture. (a) Bonds may be secured by a trust indenture between the bank and a corporate trustee, which may be the State Treasurer or any bank having trust powers or any trust company doing business in this state. A trust indenture may contain provisions for protecting and enforcing […]
Section 23-7-21 – Securing of Bonds – Pledge.
Section 23-7-21 Securing of bonds – Pledge. (a) Any pledge made by the bank to secure its obligations with respect to bonds or other financial assistance is valid and binding from the time the pledge is made. The revenue, money, or property pledged and received by the bank is immediately subject to the lien of […]
Section 23-7-22 – Purchase of Outstanding Bonds.
Section 23-7-22 Purchase of outstanding bonds. The bank, subject to agreements with bondholders as may then exist, may purchase outstanding bonds of the bank with any available funds, at any reasonable price. If the bonds are then redeemable, the price shall not exceed the redemption price then applicable plus accrued interest to the next interest […]
Section 23-7-23 – Form and Execution of Bonds.
Section 23-7-23 Form and execution of bonds. Bonds of the bank shall be in a form and shall be executed in a manner prescribed by the bank. (Act 2015-50, §23.)
Section 23-7-24 – Validity of Signatures on Bonds.
Section 23-7-24 Validity of signatures on bonds. If any of the members or officers of the bank cease to be members before the delivery of any bonds signed by them, their signatures or authorized facsimile signatures are nevertheless valid and sufficient for all purposes as if they had remained in office until the delivery of […]
Section 23-7-25 – Limitation on Amendments.
Section 23-7-25 Limitation on amendments. Subsequent amendments to this chapter may not limit the rights vested in the bank with respect to any agreements made with, or remedies available to, the holders of bonds issued under this chapter before the enactment of the amendments until the bonds, with all premiums and interest on them, and […]
Section 23-7-26 – Taxation of Bonds and Income.
Section 23-7-26 Taxation of bonds and income. Any bonds issued by the bank, the transfer of bonds, and the income from them, are free from taxation and assessment of every kind by the state and by the local governments and other political subdivisions of the state. (Act 2015-50, §26.)
Section 23-7-27 – Construction and Use of Bonds.
Section 23-7-27 Construction and use of bonds. (a) The bonds issued by the bank are legal investments in which all public officers or public bodies of the state, its political subdivisions, all municipalities and political subdivisions, all insurance companies and associations and other persons carrying on insurance business, all banks, bankers, banking associations, trust companies, […]