AL Code § 23-7-6 (2021)
2021 Code of Alabama|Title 23 - Highways, Roads, Bridges and Ferries.|Chapter 7 - Alabama Transportation Infrastructure Bank Act.|Section 23-7-6 - Funding; Pledge of Revenues.

Section 23-7-6Funding; 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 cent ($.01) a gallon of the tax on gasoline imposed pursuant to subdivision (1) of subsection (a) of Section 40-17-325. Any funds contributed pursuant to this subdivision shall be derived from the gasoline tax proceeds collected during the fiscal year remaining in the Public Road and Bridge Fund after distributions of the tax to the cities and counties. (2) An annual contribution, as determined by the Director of the Department of Transportation and approved by the Governor, of an amount of the revenues collected during the fiscal year pursuant to Section 40-12-248, not to exceed the balance remaining in the Public Road and Bridge Fund pursuant to Section 40-12-270(d)(3), after the distributions required pursuant to Sections 40-12-270(d)(1) and 40-12-270(d)(2). The limitation in this subdivision on the amount of any cash contributions to the bank out of the revenues from the truck and truck tractor license tax and registration fees levied pursuant to Section 40-12-248 is not intended to limit the bank's authority to pay bonds and other financial assistance from the motor vehicle license tax and registration fee revenues authorized to be used for such purpose in subdivision (1) of subsection (b) or to limit the bank's ability to pledge the motor vehicle license tax and registration fee revenue for that purpose.  (3) Federal funds made available to the state. (4) Federal funds made available to the state for the bank. (5) Contributions and donations from government units, and any other source as may become available to the bank including, but not limited to, appropriations from the Legislature. (6) All monies paid or credited to the bank, by contract or otherwise, payments of principal and interest on loans or other financial assistance made from the bank, and interest earnings which may accrue from the investment or reinvestment of the bank's monies. (7) Proceeds from the issuance of bonds as provided in this chapter. (8) Other lawful sources as determined appropriate by the board. (9) Loans from the department to the bank to be repaid from revenues committed to the bank for the following year. (b) With the recommendation of the Director of the Department of Transportation and approval by the Governor, the following revenue sources may be used to pay and secure bonds and other financial assistance issued by the bank: (1) The motor vehicle license taxes and registration fees that are provided to be distributed to the state pursuant to the provisions of Division 1 of Article 5 of Chapter 12 of Title 40, remaining after the costs of collection thereof. (2) The excise taxes levied by subdivision (2) of subsection (a) of Section 40-17-325 on diesel fuel, except for the portion required to be distributed to municipalities and counties pursuant to subsection (b) of Section 40-17-361, remaining after payment of the costs of collection thereof. The term "costs of collection," as used in this subdivision, shall mean that portion of the excise taxes referred to in this subdivision that may be appropriated by the Legislature to the Department of Revenue for its operating expenses. (3) The excise tax levied by Article 3 of Chapter 17 of Title 40, remaining after payment of the costs of collection thereof, exclusive of that portion of the tax in respect of gasoline. The term "costs of collection," as used in this subdivision, shall mean that portion of the excise tax referred to in this subdivision that may be appropriated by the Legislature to the Department of Revenue for its operating expenses. (4) The receipts from the fee in respect of identification markers on motor vehicles that is provided for in Section 40-17-150. (c) Any pledge of the revenues and amounts described in subsection (a) or (b) to provide funds for payment of debt service on bonds issued by the bank or to pay obligations of the bank with respect to other financial assistance shall continue until the bonds have been fully repaid or the bank's obligations with respect to the other financial assistance has terminated, unless the trust indenture, financing agreement, or other related instrument providing for the pledge expressly provides that the pledge may be terminated earlier or otherwise limited by the bank. (d) Any pledge by the bank of revenues described in subdivision (1) of subsection (a) shall be subordinate to the pledges thereof for the benefit of bonds of Alabama Federal Aid Highway Finance Authority and Alabama Highway Finance Corporation. Any pledge by the bank of revenues described in subdivision (2) of subsection (a) and subsection (b) shall be subordinate to the pledges thereof for the benefit of bonds of the Alabama Highway Finance Corporation. Pledges by the bank of the revenue sources described in subsections (a) and (b) for its bonds or other financial assistance shall take precedence among themselves in the order of the instruments making the pledges, except as otherwise provided in the instruments. (e) There is hereby irrevocably appropriated to the bank so much of the taxes and fees described in subdivisions (1) and (2) of subsection (a) and subsection (b) as the Director of the Department of Transportation shall from time to time determine and the Governor shall approve for the purpose of providing funds to capitalize the bank and for the bank to carry out its purposes, including, without limitation, amounts pledged for payment of debt service on the bonds of the bank or pledged to pay amounts owed by it under any other financial assistance. (Act 2015-50, p. 173, §6; Act 2018-290, §1.)