Section 23-7-28 Performance of contracts by legal residents of Alabama. Except as otherwise prohibited by Federal law, all contracts funded with the revenue or bond proceeds which are authorized pursuant to this chapter shall be performed by a workforce which consists of only legal residents of the State of Alabama. (Act 2015-50, §28.)
Section 23-7-29 Other financial assistance authorized. (a) The granting of other financial assistance by the bank shall be authorized by a resolution of the bank. (b) The bank may execute instruments and enter into financing agreements, including, without limitation, a trust indenture between the bank and a corporate trustee, which may be the State Treasurer […]
Section 23-7-3 Creation; purpose; accounts. (a) There is created a public corporation to be known as the Alabama Transportation Infrastructure Bank. (b) The bank is governed by a board of directors as provided in this chapter. (c) The corporate purpose of the bank is to select and assist in financing major qualified projects by providing […]
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 of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm, or corporation, except that in the event its board […]
Section 23-7-31 Dissolution of bank. At any time when no bonds, other financial assistance, or other obligations of the bank are outstanding, the bank may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of the directors of the bank and which shall […]
Section 23-7-4 Board of directors. (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 […]
Section 23-7-5 Powers and functions. (a) In addition to the powers contained in other provisions of this chapter, the bank has all power necessary, useful, or appropriate to fund, operate, and administer the bank, and to perform its other functions including, but not limited to, the following power to: (1) Have perpetual succession. (2) Adopt, […]
Section 23-7-6 Funding; pledge of revenues. (a) The following sources may be used to capitalize the bank and for the bank to carry out its purposes: (1) An annual contribution, as determined by the Director of the Department of Transportation and approved by the Governor, of an amount not to exceed revenues produced by one […]
Section 23-7-7 Administration and operations of bank. (a) Earnings on balances in the federal highway account, as created by this chapter, must be credited and invested according to federal law. The bank may establish accounts and subaccounts within the state highway account and the federal highway account as considered desirable to effectuate the purposes of […]
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. (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 […]
