i P.o. Box 5616 ~ Montgomery, AL

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Annabelle Reynolds
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1 Legislative Acts Details Page 1 of 1 Home Search Details i P.o. Box 5616 ~ Montgomery, AL Phone: (4) J.... Fax: (4) usl cgi/actdetail.mbrl detail?year=2007 6&page=year /25/2012

2 Legislative Acts by Year Page 1 of 1 Next» I P.O. Box 5616 I Montgomery, AL ~ Phone: (4) I Fax: (4) t ~ us/cgi/actyear. mbr/output?s= 50 1& &btype=all&catego... /

3 1 SJR end B S'D~r By Senators Little (2), Denton, Lind. 4 Barron, and Smitherman 5 RFD: Rules 6 First Read: ll-apr-07 itchem, Sanders, <:» page 0

4 SJR!J6 1 SJR ENROLLED, SJR56, 5 EXPRESSING SUPPORT FOR THE LA AMA TOLL ROAD 6 PROJECT. 7 8 WHEREAS, the Legislature 0 th State of Alabama 9 (Legislature) recognizes the need to tilize additional 10 financial reso~rces to meet the need of tate highways, 11 bridges, and transportation systems, ding the use of toll 12 and private financing to create new or improve 1 existing transportation facilities; 14 WHEREAS, the Legislature i dv'sed by representatives of Alabama Toll Faci corporation), that the corporation i under and pursuant to the provisions of Alabama and intends to provide fa (pruject) of a four-lane, limited ac from the Orange Beach ar:ea to the Te connecting roadways within Lhe State WHEREAS, the corporation h Legislature that it is organized to corporation pursuant to Section 501( r Inc. (the nized and existing e laws of the State cons tr uc t j. on soli road (toll road) e State Line, A abama; and fu other advised the ra e as a nonprofit o the Internal 25 Revenue Code in order to finance the c st of acquisition and Page 1

5 SJl<.56 1 construction and equipping of the prl ee and Lhe corporation deems it advisable to borrow money 0. 1 Toll Facililies, Inc., Revenue Bonds and pledge as security for the bonds! interest in the property comprising i revenues to be derived from the operl t issue its Alabama s) and to mortgage corporation's oject and the ion of the toll road; 7 and 8 WHEREAS, it is the intenti@ of the Legislature that 9 the project be financed by the corpol without the use or 10 pledge of any State of Alabama funds deral funds; now 11 therefore, 12 BE IT RESOLVED BY THE LEGI: 1 HOUSES THEREOF CONCURRING, That we he 14 for approval of the construction of J E OF ALABAMA, BOTH by express our support A abama Toll Road 15 Project as follows: This reso l ut.lon shall be.n t.lit Led "Support for 17 t he Alahama Toll Road Project." The Legislature urges tn ap roval of the 19 purposes and activities of the corpol io, particularly the 20 financing, construction, acquisition 21 project, including issuance of the bgl nd operation s, subject to of the 22 subsequent approval of the bond doeu ts and other conditions 2 and restrictions. 24, The Legislature suggest ha I if the project is 25 approved, bonds should be special ob]' at'ons of the Page 2

6 !:.ijr corporation payable from revenues of he toll road, secured by a mortgage on the corporation's inte st in the project and an assignment of the reven'jes to be deri ed [rom the operation thereof, all as should.1 be provided l ac ordance with the 5 terms of the indenture of mortgage a 6 executed by and between the corporat n 7 bank having trust powers. d a trust company or 14 it may engage or by reason of the ac: 15 and its subsequent operation, and no 16 of the corporation, if any, should i 17 private person, firm, or corporation 18 the corporation for lawful corporate The Legislature suggest ion of the project rt of the net earnings e 0 the benefit of any d hould be retained by e. ha such a transaction 20 should contemplate and provide an ar ge lent whereby all of 21 the right, title, and interest of th 'or oration in and to 25 requested the Legislature to state i in entions wi~h respecl Page

7 SJR~b financing the project and the state' the project upon retirement of the bl bonds as tax-exempt governmental obi, title to should qualify the of 7 the Internal Revenue Code of 1986 as me ded, which would 8 result in a reduction of the interes, ex enses of the corporation with respect to financin~ 7. In order to induce the! establish the project in the area of and incur ~xpens~s for the initiatio financing, the Legislature hereby ex. designating the corporation as the e project. ation to locate and tion of the state s support for entity for the 15 accomplishment of ~he suggested purpm s et forth hrrein and 16 urges the acceptance of title in the 17 Alabama to the real and personal pro. 18 project upon retirement of any bonds 19 from any such bonds sold would provi 20 money to finance the cost of the com 21 construction of the project and that me of the State of ty constituting the su d if the receipts su ficient sums of te acquisition and e oney would be so 22 used The Legislature further sits ir.tent that, if the project is adopted, the Legis of the cost of the project, or any e should bear no part of the operation of Page 4

8 SJR56 1 the project, or of such financing; ate Legislature would 2 not incur any responsibility for pay' g he principal of or interest on any such bonds proposal 0 erating or 4 maintaining the project. Page 5

9 SJf< President 5 6 Speaker of the House SJR56 Senate 1-MAY-07 I hereby certify that the within Sen. e originated in and was adopted by the McDo... ie Secret int Resolution House of Representatives 18 Adopted: 07-JUN By: Senator Little (Z) APPROVED~ TIME C; : /1-- 1'5. det) ') ~VE~~ Page 6 lab ma Secretary Of State A t Num... ; B 11 NUM : SJR-5Q v' 06/15/07 02: 17pmJJB

1 HB By Representatives Johnson (K), Butler, Collins, Nordgren, 4 Blackshear, Martin and Coleman. 5 RFD: Financial Services

1 HB By Representatives Johnson (K), Butler, Collins, Nordgren, 4 Blackshear, Martin and Coleman. 5 RFD: Financial Services 1 HB263 2 181861-5 3 By Representatives Johnson (K), Butler, Collins, Nordgren, 4 Blackshear, Martin and Coleman 5 RFD: Financial Services 6 First Read: 16-FEB-17 Page 0 1 2 ENROLLED, An Act, 3 To amend