SB339 Alabama 2012 Session

Under existing law, the Alabama Highway Authority may issue bonds from time to time for the financing and construction of public roads and bridges

This bill would provide for the financing and construction of public roads and bridges in the state by the issuance of additional bonds by the Alabama Highway Authority; authorize the authority to sell and issue from time to time not exceeding, in the case of bonds other than refunding bonds, six hundred fifty million dollars ($650,000,000) in aggregate principal amount of bonds; authorize the authority, subject to certain findings and determinations, to issue and sell refunding bonds to refund bonds issued by the authority under this act; provide for the details and the method of execution of the bonds; provide for the bonds to be sold at public sale and for the authority to determine the manner, terms, and conditions of the sale, and make other provisions respecting the sale and the permitted uses, applications, and investments of proceeds from the sale of bonds including refunding bonds; provide for the establishment, from the proceeds, of certain funds and for the use of the funds and any investment earnings thereon; create the Public Road and Bridge Construction Council to review proposals and authorize funding for projects; allocate proceeds of bonds to pay construction costs for projects authorized by the Council; permit the authority and the Department of Transportation to enter into agreements respecting the disbursement of proceeds of bonds; provide that bonds issued under this act shall not create an obligation or debt of the state but shall be limited obligations payable solely out of the revenues of the authority pledged therefor; provide that the bonds may be used to secure deposits of funds of the state and its instrumentalities and agencies and shall be lawful for the investment of trust funds; provide a mechanism for defeasance of the bonds; appropriate and pledge funds identified in this act to the extent necessary to pay the principal of, premium, if any, and interest on the bonds; authorize the authority to pledge for payment of the principal of, premium, if any, and interest on the bonds the moneys appropriated and pledged in this act for the purpose; preserve prior pledges and covenants by the state; adopt certain provisions of the act of the Legislature creating the authority; provide for a covenant of the Legislature not to reduce below certain levels appropriated and pledged taxes while any of the bonds are outstanding and unpaid; authorize the disbursement of moneys pledged for payment of the bonds; provide that if any portion of this act is held invalid the holding shall not affect the validity of any other portion hereof; and specify the effective date of this act

To make further provision for the financing and construction of public roads and bridges in the state by the issuance of bonds by the Alabama Highway Authority; to authorize the authority to sell and issue from time to time not exceeding, in the case of bonds other than refunding bonds, six hundred fifty million dollars ($650,000,000) aggregate principal amount of bonds; to authorize the authority, subject to certain findings and determinations, to issue and sell refunding bonds to refund bonds issued by the authority under this act; to provide for the details and the method of execution of the bonds; to provide that the bonds shall be sold at public sale and that the authority shall determine the manner, terms, and conditions of the sale, and to make other provisions respecting the sale and the permitted uses, applications, and investments of proceeds from the sale of the bonds including refunding bonds; to provide for the establishment, from the proceeds, of certain funds and for the use of the funds and any investment earnings thereon; to create the Public Road and Bridge Construction Council to review proposals and authorize funding for projects; to allocate proceeds of bonds to pay construction costs for projects authorized by the Council; to permit the authority and the Department of Transportation to enter into agreements respecting the disbursement of proceeds of bonds; to provide that bonds issued under this act shall not create an obligation or debt of the state but shall be limited obligations payable solely out of the revenues of the authority appropriated and pledged therefor; to provide that the bonds may be used to secure deposits of funds of the state and its instrumentalities and agencies and shall be lawful for the investment of trust funds; to provide a mechanism for defeasance of the bonds; to appropriate and pledge funds identified in this act to the extent necessary to pay the principal of, premium, if any, and interest on the bonds; to authorize the authority to pledge for payment of the principal of, premium, if any, and interest on the bonds the moneys appropriated and pledged in this act for such purpose; to preserve prior pledges and covenants by the state; to adopt certain provisions of the act of the Legislature creating the authority; to provide for a covenant of the Legislature not to reduce below certain levels appropriated and pledged taxes while any of the bonds are outstanding and unpaid; to authorize the disbursement of moneys pledged for payment of the bonds; to provide that if any portion of this act is held invalid the holding shall not affect the validity of any other portion hereof; and to specify the effective date of this act.