1 SB67
2 215993-3
3 By Senator Chambliss
4 RFD: Transportation and Energy
5 First Read: 11-JAN-22
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4 ENROLLED, An Act,
5 Relating to the Alabama Federal Aid Highway Finance
6 Authority; to amend Section 23-1-314, Code of Alabama 1975, to
7 provide further for the date for payment of the principal of
8 and interest on the obligations issued by the authority.
9 BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
10 Section 1. Section 23-1-314, Code of Alabama 1975,
11 is amended to read as follows:
12 "§23-1-314.
13 "(a) For the purpose of providing funds to enable
14 the authority to pay at their respective maturities and due
15 dates the principal of and interest on the obligations that
16 may be issued by it under this article at any time after March
17 1, 2014, there hereby is irrevocably pledged and appropriated
18 so much as shall be necessary for the purpose of the state's
19 share of net gasoline tax proceeds.
20 "(b) In addition, for the purpose of providing funds
21 to enable the authority to pay at their respective maturities
22 and due dates the principal of and interest on the obligations
23 that may be issued by it under this article, there hereby is
24 irrevocably pledged and appropriated each year all federal aid
25 funds for federal aid projects to be received by the State
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1 Department of Transportation from the United States government
2 to the extent that such funds may be required to pay the
3 principal of and interest on such obligations. All federal aid
4 funds for federal aid projects received by the State
5 Department of Transportation from the United States government
6 during each such federal fiscal year shall be held in trust by
7 the state and applied to the extent required to the payment of
8 the principal of and interest on the obligations authorized to
9 be issued under this article.
10 "(c) All moneys No later than the date for payment
11 of the principal of and interest on the obligations issued by
12 the authority during each fiscal year, all monies hereby
13 appropriated and pledged shall be paid into the State Treasury
14 and shall constitute a sinking fund which shall be held in
15 trust to be used to pay the principal of and interest on the
16 obligations; provided, however, that the pledge of the state’s
17 share of net gasoline tax proceeds shall be on parity with the
18 pledge contained in Section 23-1-181 to secure obligations
19 issued by the Alabama Highway Finance Corporation. As security
20 for the payment of the principal of and interest on the
21 obligations issued under this article, the authority is
22 authorized to pledge the proceeds of the appropriation and
23 pledge provided for in this section. All pledges made by the
24 authority shall take precedence among themselves in the order
25 of the adoption of the resolutions making such pledges, except
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1 as may be otherwise provided in such resolutions. The State
2 Department of Transportation is hereby authorized and directed
3 to set aside the first moneys received out of the revenues
4 pledged hereunder in each fiscal year and deposit the same in
5 the sinking fund provided for in this subsection until there
6 shall have been accumulated therein an amount at least
7 sufficient to pay the principal of and interest on the
8 obligations issued by the authority hereunder which mature,
9 are subject to mandatory redemption or otherwise become due
10 during such fiscal year."
11 Section 2. This act shall become effective
12 immediately following its passage and approval by the
13 Governor, or its otherwise becoming law.
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President and Presiding Officer of the Senate
5
6 Speaker of the House of Representatives
SB677
8 Senate 16-FEB-22
9 I hereby certify that the within Act originated in and passed
10 the Senate.
11
12 Patrick Harris,
13 Secretary.
14
15
16
17 House of Representatives
18 Passed: 03-MAR-22
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21 By: Senator Chambliss
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