(a) There is created a public corporation to be known as the Alabama Transportation Infrastructure Bank.

Terms Used In Alabama Code 23-7-3

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • following: means next after. See Alabama Code 1-1-1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(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 loans and other financial assistance to government units for constructing and improving highway and transportation facilities necessary for public purposes including economic development.
(d) The bank shall establish and maintain at least the following accounts:

(1) State highway account.
(2) Federal highway account.
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