Alabama 2022 Regular Session

Alabama Senate Bill SB67 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		1 SB67
2		-	2 215993-3
	2	+	2 215993-1
3	3		3 By Senator Chambliss
4	4		4 RFD: Transportation and Energy
5	5		5 First Read: 11-JAN-22
6	6
7		-	Page 0 SB67
8		-	1 SB67
9		-	2
10		-	3
11		-	4 ENROLLED, An Act,
12		-	5 Relating to the Alabama Federal Aid Highway Finance
13		-	6 Authority; to amend Section 23-1-314, Code of Alabama 1975, to
14		-	7 provide further for the date for payment of the principal of
15		-	8 and interest on the obligations issued by the authority.
16		-	9 BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
17		-	10 Section 1. Section 23-1-314, Code of Alabama 1975,
18		-	11 is amended to read as follows:
19		-	12 "§23-1-314.
20		-	13 "(a) For the purpose of providing funds to enable
21		-	14 the authority to pay at their respective maturities and due
22		-	15 dates the principal of and interest on the obligations that
23		-	16 may be issued by it under this article at any time after March
24		-	17 1, 2014, there hereby is irrevocably pledged and appropriated
25		-	18 so much as shall be necessary for the purpose of the state's
26		-	19 share of net gasoline tax proceeds.
27		-	20 "(b) In addition, for the purpose of providing funds
28		-	21 to enable the authority to pay at their respective maturities
29		-	22 and due dates the principal of and interest on the obligations
30		-	23 that may be issued by it under this article, there hereby is
31		-	24 irrevocably pledged and appropriated each year all federal aid
32		-	25 funds for federal aid projects to be received by the State
33		-	Page 1 SB67
34		-	1 Department of Transportation from the United States government
35		-	2 to the extent that such funds may be required to pay the
36		-	3 principal of and interest on such obligations. All federal aid
37		-	4 funds for federal aid projects received by the State
38		-	5 Department of Transportation from the United States government
39		-	6 during each such federal fiscal year shall be held in trust by
40		-	7 the state and applied to the extent required to the payment of
41		-	8 the principal of and interest on the obligations authorized to
42		-	9 be issued under this article.
43		-	10 "(c) All moneys No later than the date for payment
44		-	11 of the principal of and interest on the obligations issued by
45		-	12 the authority during each fiscal year, all monies hereby
46		-	13 appropriated and pledged shall be paid into the State Treasury
47		-	14 and shall constitute a sinking fund which shall be held in
48		-	15 trust to be used to pay the principal of and interest on the
49		-	16 obligations; provided, however, that the pledge of the state’s
50		-	17 share of net gasoline tax proceeds shall be on parity with the
51		-	18 pledge contained in Section 23-1-181 to secure obligations
52		-	19 issued by the Alabama Highway Finance Corporation. As security
53		-	20 for the payment of the principal of and interest on the
54		-	21 obligations issued under this article, the authority is
55		-	22 authorized to pledge the proceeds of the appropriation and
56		-	23 pledge provided for in this section. All pledges made by the
57		-	24 authority shall take precedence among themselves in the order
58		-	25 of the adoption of the resolutions making such pledges, except
59		-	Page 2 SB67
60		-	1 as may be otherwise provided in such resolutions. The State
61		-	2 Department of Transportation is hereby authorized and directed
62		-	3 to set aside the first moneys received out of the revenues
63		-	4 pledged hereunder in each fiscal year and deposit the same in
64		-	5 the sinking fund provided for in this subsection until there
65		-	6 shall have been accumulated therein an amount at least
66		-	7 sufficient to pay the principal of and interest on the
67		-	8 obligations issued by the authority hereunder which mature,
68		-	9 are subject to mandatory redemption or otherwise become due
69		-	10 during such fiscal year."
70		-	11 Section 2. This act shall become effective
71		-	12 immediately following its passage and approval by the
72		-	13 Governor, or its otherwise becoming law.
73		-	Page 3 SB67
74		-	1
	7	+	Page 0 1 215993-1:n:12/21/2021:CMH*/bm LSA2021-2553
75	8		2
76	9		3
77	10		4
78		-	President and Presiding Officer of the Senate
79		-
80	11		5
81		-	6 Speaker of the House of Representatives
82		-	SB677
83		-	8 Senate 16-FEB-22
84		-	9 I hereby certify that the within Act originated in and passed
85		-	10 the Senate.
86		-	11
87		-	12 Patrick Harris,
88		-	13 Secretary.
89		-	14
90		-	15
91		-	16
92		-	17 House of Representatives
93		-	18 Passed: 03-MAR-22
94		-	19
95		-	20
96		-	21 By: Senator Chambliss
	12	+	6
	13	+	7
	14	+	8 SYNOPSIS: Under existing law, the State Department of
	15	+	9 Transportation is required to set aside the first
	16	+	10 monies received out of the revenues pledged to the
	17	+	11 obligations of the Alabama Federal Aid Highway
	18	+	12 Finance Authority in each fiscal year and deposit
	19	+	13 the same in a sinking fund established within the
	20	+	14 State Treasury until there shall have been
	21	+	15 accumulated therein an amount at least sufficient
	22	+	16 to pay the principal of and interest on the
	23	+	17 obligations.
	24	+	18 This bill would provide that the pledged
	25	+	19 revenues instead be deposited into the sinking fund
	26	+	20 no later than the date for payment of the principal
	27	+	21 of and interest on the obligations.
	28	+	22
	29	+	23 A BILL
	30	+	24 TO BE ENTITLED
	31	+	25 AN ACT
	32	+	26
	33	+	Page 1 1 Relating to the Alabama Federal Aid Highway Finance
	34	+	2 Authority; to amend Section 23-1-314, Code of Alabama 1975, to
	35	+	3 provide further for the date for payment of the principal of
	36	+	4 and interest on the obligations issued by the authority.
	37	+	5 BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
	38	+	6 Section 1. Section 23-1-314, Code of Alabama 1975,
	39	+	7 is amended to read as follows:
	40	+	8 "§23-1-314.
	41	+	9 "(a) For the purpose of providing funds to enable
	42	+	10 the authority to pay at their respective maturities and due
	43	+	11 dates the principal of and interest on the obligations that
	44	+	12 may be issued by it under this article at any time after March
	45	+	13 1, 2014, there hereby is irrevocably pledged and appropriated
	46	+	14 so much as shall be necessary for the purpose of the state's
	47	+	15 share of net gasoline tax proceeds.
	48	+	16 "(b) In addition, for the purpose of providing funds
	49	+	17 to enable the authority to pay at their respective maturities
	50	+	18 and due dates the principal of and interest on the obligations
	51	+	19 that may be issued by it under this article, there hereby is
	52	+	20 irrevocably pledged and appropriated each year all federal aid
	53	+	21 funds for federal aid projects to be received by the State
	54	+	22 Department of Transportation from the United States government
	55	+	23 to the extent that such funds may be required to pay the
	56	+	24 principal of and interest on such obligations. All federal aid
	57	+	25 funds for federal aid projects received by the State
	58	+	26 Department of Transportation from the United States government
	59	+	27 during each such federal fiscal year shall be held in trust by
	60	+	Page 2 1 the state and applied to the extent required to the payment of
	61	+	2 the principal of and interest on the obligations authorized to
	62	+	3 be issued under this article.
	63	+	4 "(c) All moneys No later than the date for payment
	64	+	5 of the principal of and interest on the obligations issued by
	65	+	6 the authority during each fiscal year, all monies hereby
	66	+	7 appropriated and pledged shall be paid into the State Treasury
	67	+	8 and shall constitute a sinking fund which shall be held in
	68	+	9 trust to be used to pay the principal of and interest on the
	69	+	10 obligations; provided, however, that the pledge of the state’s
	70	+	11 share of net gasoline tax proceeds shall be on parity with the
	71	+	12 pledge contained in Section 23-1-181 to secure obligations
	72	+	13 issued by the Alabama Highway Finance Corporation. As security
	73	+	14 for the payment of the principal of and interest on the
	74	+	15 obligations issued under this article, the authority is
	75	+	16 authorized to pledge the proceeds of the appropriation and
	76	+	17 pledge provided for in this section. All pledges made by the
	77	+	18 authority shall take precedence among themselves in the order
	78	+	19 of the adoption of the resolutions making such pledges, except
	79	+	20 as may be otherwise provided in such resolutions. The State
	80	+	21 Department of Transportation is hereby authorized and directed
	81	+	22 to set aside the first moneys received out of the revenues
	82	+	23 pledged hereunder in each fiscal year and deposit the same in
	83	+	24 the sinking fund provided for in this subsection until there
	84	+	25 shall have been accumulated therein an amount at least
	85	+	26 sufficient to pay the principal of and interest on the
	86	+	27 obligations issued by the authority hereunder which mature,
	87	+	Page 3 1 are subject to mandatory redemption or otherwise become due
	88	+	2 during such fiscal year."
	89	+	3 Section 2. This act shall become effective
	90	+	4 immediately following its passage and approval by the
	91	+	5 Governor, or its otherwise becoming law.
97	92		Page 4