Appropriations and pledges of revenue for payment of principal and interest on bonds generally; sinking fund.
(a) Where used in this section the following words and terms shall be given the following respective meanings:
(1) BONDS. Such term, without qualifying words or phrases, means bonds of the corporation issued under this article.
(2) CODE. The Code of Alabama, 1975.
(3) CORPORATION. Alabama Highway Finance Corporation, a public corporation and instrumentality of the State of Alabama that was organized and is existing under this article.
(4) GASOLINE TAX APPROPRIATION STATUTE. Division 2 of Article 2 of Chapter 17 of Title 40.
(5) HIGHWAY GASOLINE TAX.
a. The excise tax levied in Section 40-17-31, as amended, exclusive of those portions of said tax in respect of aviation fuel and marine gasoline, as those terms are used in said section; and
b. The excise tax levied by Article 3 of Chapter 17 of Title 40, exclusive of that portion of the said tax in respect of diesel fuel.
(6) NET GASOLINE TAX PROCEEDS. The entire proceeds from the highway gasoline tax less the cost of collection and less any refunds of the said proceeds pursuant to the provisions of Article 3 of Chapter 17 of Title 40, or pursuant to the provisions of either of Divisions 3 and 4 of Article 2 of said Chapter 17.
(7) STATE'S SHARE OF THE NET GASOLINE TAX PROCEEDS. The 45 percentum of the net gasoline tax proceeds allocated and appropriated for state highway purposes in Section 40-17-72.
(b) For the purpose of providing funds to enable the corporation to pay at their respective maturities the principal of and interest on any bonds that may be issued by it under the provisions of this article and to accomplish the purposes and objects of its creation, there hereby is irrevocably pledged to said purpose and appropriated so much as may be necessary for said purpose of the following, subject, however, to the provisions, hereinafter set forth in this subsection, as to the rank of the pledges herein made:
(1) So much as may be necessary for such purpose of those portions of 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 as amended, remaining after the costs of collection thereof;
(2) To such extent and to such extent only as the revenues appropriated under subdivision (1) of this subsection may not be sufficient to pay at their respective maturities the principal of and interest on the bonds, so much as may be necessary for such purpose, when added to the amounts appropriated in subdivision (1) of this subsection, of the state's share of the net gasoline tax proceeds;
(3) To such extent and to such extent only as the revenues appropriated under subdivisions (1) and (2) of this subsection may not be sufficient to pay at their respective maturities the principal of and interest on the bonds, so much as may be necessary for such purpose, when added to the amounts appropriated in subdivisions (1) and (2) of this subsection, of the entire proceeds of the following excise taxes remaining after payment of the costs of collection thereof:
a. the excise tax levied by Article 1 of Chapter 17 of Title 40 on distributors and storers of motor fuel, as therein defined; and
b. the excise tax levied by Article 3 of Chapter 17 of Title 40, exclusive of that portion of the said tax in respect of gasoline.
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;
(4) To such extent and to such extent only as the revenues appropriated under subdivisions (1), (2) and (3) of this subsection may not be sufficient to pay at their respective maturities the principal of and interest on the bonds, so much as may be necessary for such purpose, when added to the amounts appropriated in subdivisions (1), (2) and (3), of all that portion of the receipts from the inspection fee on certain petroleum products imposed by Division 1 of Article 5 of Chapter 17 of Title 8 that is required by the division to be deposited to the credit of the Public Road and Bridge Fund; and
(5) To such extent and to such extent only as the revenues appropriated under subdivisions (1), (2), (3) and (4) of this subsection may not be sufficient to pay at their respective maturities the principal of and interest on the bonds, so much as may be necessary for such purpose, when added to the amounts appropriated in subdivisions (1), (2), (3) and (4), of the receipts from the fee in respect of identification markers on motor vehicles that is provided for in Section 40-17-150.
(c) All moneys hereby appropriated and pledged shall constitute a sinking fund for the purpose of paying the principal of and interest on the bonds. All pledges made by the corporation shall take precedence among themselves in the order of the adoption of the resolutions making such pledges, except as may be otherwise provided in such resolutions; provided, that any such pledges made for the benefit of any refunding bonds that may be issued under the provisions of this article shall be subordinate to any pledge made, either before or after the issuance of such refunding bonds, under the provisions of this article for the benefit of bonds, other than refunding bonds, issued under the provisions of this article.
(d) The appropriations and pledges herein made, for the benefit of any bonds, including refunding bonds, issued under this article, of the taxes and fees referred to in subdivisions (1) through (5), inclusive, of subsection (b), shall be subject and subordinate to all pledges of the said taxes and fees lawfully made as security for (1) any bonds issued by Alabama Highway Authority prior to December 1, 1977, or (2) any refunding bonds that may be issued by Alabama Highway Authority after December 1, 1977, for the purpose of refunding any of the bonds referred to in clause (1) of this sentence if, and only if, the aggregate amount of principal and interest that will mature with respect to such refunding bonds during any fiscal year of the State of Alabama does not exceed the amount of principal and interest, with respect to the bonds refunded by such refunding bonds, that have a stated maturity during the same fiscal year, or that would have had a stated maturity during the same fiscal year if such bonds had not been refunded.
(e) Any pledge for the benefit of any refunding bonds issued under this article shall also be subject and subordinate to the following: (1) Any pledge or pledges of the tax proceeds and fees referred to in subdivisions (1) through (5), inclusive, of subsection (b) that may have been made prior to the issuance of such refunding bonds pursuant to authorization in any statute effective at the time of such issuance, and (2) any pledge or pledges authorized, by any statute in effect at the time of the issuance of such refunding bonds, to be made for the benefit of any then-unissued bonds, other than refunding bonds, provided for in any such statute; and provided, further, that the priorities of any such refunding bonds over each other as to any such pledge shall be as may be provided in the resolutions of the board of directors authorizing any such refunding bonds.
(f) The appropriations and pledges herein made for the benefit of any bonds, other than refunding bonds, issued under this article shall be prior and superior to any appropriations and pledges for the benefit of any obligations that may at any time be issued under the provisions of Article 10 of this chapter.
Appropriations and pledges of revenue for payment of principal and interest on bonds generally; sinking fund.
(a) Where used in this section the following words and terms shall be given the following respective meanings:
(1) BONDS. Such term, without qualifying words or phrases, means bonds of the corporation issued under this article.
(2) CODE. The Code of Alabama, 1975.
(3) CORPORATION. Alabama Highway Finance Corporation, a public corporation and instrumentality of the State of Alabama that was organized and is existing under this article.
(4) GASOLINE TAX APPROPRIATION STATUTE. Division 2 of Article 2 of Chapter 17 of Title 40.
(5) HIGHWAY GASOLINE TAX.
a. The excise tax levied in Section 40-17-31, as amended, exclusive of those portions of said tax in respect of aviation fuel and marine gasoline, as those terms are used in said section; and
b. The excise tax levied by Article 3 of Chapter 17 of Title 40, exclusive of that portion of the said tax in respect of diesel fuel.
(6) NET GASOLINE TAX PROCEEDS. The entire proceeds from the highway gasoline tax less the cost of collection and less any refunds of the said proceeds pursuant to the provisions of Article 3 of Chapter 17 of Title 40, or pursuant to the provisions of either of Divisions 3 and 4 of Article 2 of said Chapter 17.
(7) STATE'S SHARE OF THE NET GASOLINE TAX PROCEEDS. The 45 percentum of the net gasoline tax proceeds allocated and appropriated for state highway purposes in Section 40-17-72.
(b) For the purpose of providing funds to enable the corporation to pay at their respective maturities the principal of and interest on any bonds that may be issued by it under the provisions of this article and to accomplish the purposes and objects of its creation, there hereby is irrevocably pledged to said purpose and appropriated so much as may be necessary for said purpose of the following, subject, however, to the provisions, hereinafter set forth in this subsection, as to the rank of the pledges herein made:
(1) So much as may be necessary for such purpose of those portions of 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 as amended, remaining after the costs of collection thereof;
(2) To such extent and to such extent only as the revenues appropriated under subdivision (1) of this subsection may not be sufficient to pay at their respective maturities the principal of and interest on the bonds, so much as may be necessary for such purpose, when added to the amounts appropriated in subdivision (1) of this subsection, of the state's share of the net gasoline tax proceeds;
(3) To such extent and to such extent only as the revenues appropriated under subdivisions (1) and (2) of this subsection may not be sufficient to pay at their respective maturities the principal of and interest on the bonds, so much as may be necessary for such purpose, when added to the amounts appropriated in subdivisions (1) and (2) of this subsection, of the entire proceeds of the following excise taxes remaining after payment of the costs of collection thereof:
a. the excise tax levied by Article 1 of Chapter 17 of Title 40 on distributors and storers of motor fuel, as therein defined; and
b. the excise tax levied by Article 3 of Chapter 17 of Title 40, exclusive of that portion of the said tax in respect of gasoline.
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;
(4) To such extent and to such extent only as the revenues appropriated under subdivisions (1), (2) and (3) of this subsection may not be sufficient to pay at their respective maturities the principal of and interest on the bonds, so much as may be necessary for such purpose, when added to the amounts appropriated in subdivisions (1), (2) and (3), of all that portion of the receipts from the inspection fee on certain petroleum products imposed by Division 1 of Article 5 of Chapter 17 of Title 8 that is required by the division to be deposited to the credit of the Public Road and Bridge Fund; and
(5) To such extent and to such extent only as the revenues appropriated under subdivisions (1), (2), (3) and (4) of this subsection may not be sufficient to pay at their respective maturities the principal of and interest on the bonds, so much as may be necessary for such purpose, when added to the amounts appropriated in subdivisions (1), (2), (3) and (4), of the receipts from the fee in respect of identification markers on motor vehicles that is provided for in Section 40-17-150.
(c) All moneys hereby appropriated and pledged shall constitute a sinking fund for the purpose of paying the principal of and interest on the bonds. All pledges made by the corporation shall take precedence among themselves in the order of the adoption of the resolutions making such pledges, except as may be otherwise provided in such resolutions; provided, that any such pledges made for the benefit of any refunding bonds that may be issued under the provisions of this article shall be subordinate to any pledge made, either before or after the issuance of such refunding bonds, under the provisions of this article for the benefit of bonds, other than refunding bonds, issued under the provisions of this article.
(d) The appropriations and pledges herein made, for the benefit of any bonds, including refunding bonds, issued under this article, of the taxes and fees referred to in subdivisions (1) through (5), inclusive, of subsection (b), shall be subject and subordinate to all pledges of the said taxes and fees lawfully made as security for (1) any bonds issued by Alabama Highway Authority prior to December 1, 1977, or (2) any refunding bonds that may be issued by Alabama Highway Authority after December 1, 1977, for the purpose of refunding any of the bonds referred to in clause (1) of this sentence if, and only if, the aggregate amount of principal and interest that will mature with respect to such refunding bonds during any fiscal year of the State of Alabama does not exceed the amount of principal and interest, with respect to the bonds refunded by such refunding bonds, that have a stated maturity during the same fiscal year, or that would have had a stated maturity during the same fiscal year if such bonds had not been refunded.
(e) Any pledge for the benefit of any refunding bonds issued under this article shall also be subject and subordinate to the following: (1) Any pledge or pledges of the tax proceeds and fees referred to in subdivisions (1) through (5), inclusive, of subsection (b) that may have been made prior to the issuance of such refunding bonds pursuant to authorization in any statute effective at the time of such issuance, and (2) any pledge or pledges authorized, by any statute in effect at the time of the issuance of such refunding bonds, to be made for the benefit of any then-unissued bonds, other than refunding bonds, provided for in any such statute; and provided, further, that the priorities of any such refunding bonds over each other as to any such pledge shall be as may be provided in the resolutions of the board of directors authorizing any such refunding bonds.
(f) The appropriations and pledges herein made for the benefit of any bonds, other than refunding bonds, issued under this article shall be prior and superior to any appropriations and pledges for the benefit of any obligations that may at any time be issued under the provisions of Article 10 of this chapter.
Appropriations and pledges of revenue for payment of principal and interest on bonds generally; sinking fund.
(a) Where used in this section the following words and terms shall be given the following respective meanings:
(1) BONDS. Such term, without qualifying words or phrases, means bonds of the corporation issued under this article.
(2) CODE. The Code of Alabama, 1975.
(3) CORPORATION. Alabama Highway Finance Corporation, a public corporation and instrumentality of the State of Alabama that was organized and is existing under this article.
(4) GASOLINE TAX APPROPRIATION STATUTE. Division 2 of Article 2 of Chapter 17 of Title 40.
(5) HIGHWAY GASOLINE TAX.
a. The excise tax levied in Section 40-17-31, as amended, exclusive of those portions of said tax in respect of aviation fuel and marine gasoline, as those terms are used in said section; and
b. The excise tax levied by Article 3 of Chapter 17 of Title 40, exclusive of that portion of the said tax in respect of diesel fuel.
(6) NET GASOLINE TAX PROCEEDS. The entire proceeds from the highway gasoline tax less the cost of collection and less any refunds of the said proceeds pursuant to the provisions of Article 3 of Chapter 17 of Title 40, or pursuant to the provisions of either of Divisions 3 and 4 of Article 2 of said Chapter 17.
(7) STATE'S SHARE OF THE NET GASOLINE TAX PROCEEDS. The 45 percentum of the net gasoline tax proceeds allocated and appropriated for state highway purposes in Section 40-17-72.
(b) For the purpose of providing funds to enable the corporation to pay at their respective maturities the principal of and interest on any bonds that may be issued by it under the provisions of this article and to accomplish the purposes and objects of its creation, there hereby is irrevocably pledged to said purpose and appropriated so much as may be necessary for said purpose of the following, subject, however, to the provisions, hereinafter set forth in this subsection, as to the rank of the pledges herein made:
(1) So much as may be necessary for such purpose of those portions of 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 as amended, remaining after the costs of collection thereof;
(2) To such extent and to such extent only as the revenues appropriated under subdivision (1) of this subsection may not be sufficient to pay at their respective maturities the principal of and interest on the bonds, so much as may be necessary for such purpose, when added to the amounts appropriated in subdivision (1) of this subsection, of the state's share of the net gasoline tax proceeds;
(3) To such extent and to such extent only as the revenues appropriated under subdivisions (1) and (2) of this subsection may not be sufficient to pay at their respective maturities the principal of and interest on the bonds, so much as may be necessary for such purpose, when added to the amounts appropriated in subdivisions (1) and (2) of this subsection, of the entire proceeds of the following excise taxes remaining after payment of the costs of collection thereof:
a. the excise tax levied by Article 1 of Chapter 17 of Title 40 on distributors and storers of motor fuel, as therein defined; and
b. the excise tax levied by Article 3 of Chapter 17 of Title 40, exclusive of that portion of the said tax in respect of gasoline.
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;
(4) To such extent and to such extent only as the revenues appropriated under subdivisions (1), (2) and (3) of this subsection may not be sufficient to pay at their respective maturities the principal of and interest on the bonds, so much as may be necessary for such purpose, when added to the amounts appropriated in subdivisions (1), (2) and (3), of all that portion of the receipts from the inspection fee on certain petroleum products imposed by Division 1 of Article 5 of Chapter 17 of Title 8 that is required by the division to be deposited to the credit of the Public Road and Bridge Fund; and
(5) To such extent and to such extent only as the revenues appropriated under subdivisions (1), (2), (3) and (4) of this subsection may not be sufficient to pay at their respective maturities the principal of and interest on the bonds, so much as may be necessary for such purpose, when added to the amounts appropriated in subdivisions (1), (2), (3) and (4), of the receipts from the fee in respect of identification markers on motor vehicles that is provided for in Section 40-17-150.
(c) All moneys hereby appropriated and pledged shall constitute a sinking fund for the purpose of paying the principal of and interest on the bonds. All pledges made by the corporation shall take precedence among themselves in the order of the adoption of the resolutions making such pledges, except as may be otherwise provided in such resolutions; provided, that any such pledges made for the benefit of any refunding bonds that may be issued under the provisions of this article shall be subordinate to any pledge made, either before or after the issuance of such refunding bonds, under the provisions of this article for the benefit of bonds, other than refunding bonds, issued under the provisions of this article.
(d) The appropriations and pledges herein made, for the benefit of any bonds, including refunding bonds, issued under this article, of the taxes and fees referred to in subdivisions (1) through (5), inclusive, of subsection (b), shall be subject and subordinate to all pledges of the said taxes and fees lawfully made as security for (1) any bonds issued by Alabama Highway Authority prior to December 1, 1977, or (2) any refunding bonds that may be issued by Alabama Highway Authority after December 1, 1977, for the purpose of refunding any of the bonds referred to in clause (1) of this sentence if, and only if, the aggregate amount of principal and interest that will mature with respect to such refunding bonds during any fiscal year of the State of Alabama does not exceed the amount of principal and interest, with respect to the bonds refunded by such refunding bonds, that have a stated maturity during the same fiscal year, or that would have had a stated maturity during the same fiscal year if such bonds had not been refunded.
(e) Any pledge for the benefit of any refunding bonds issued under this article shall also be subject and subordinate to the following: (1) Any pledge or pledges of the tax proceeds and fees referred to in subdivisions (1) through (5), inclusive, of subsection (b) that may have been made prior to the issuance of such refunding bonds pursuant to authorization in any statute effective at the time of such issuance, and (2) any pledge or pledges authorized, by any statute in effect at the time of the issuance of such refunding bonds, to be made for the benefit of any then-unissued bonds, other than refunding bonds, provided for in any such statute; and provided, further, that the priorities of any such refunding bonds over each other as to any such pledge shall be as may be provided in the resolutions of the board of directors authorizing any such refunding bonds.
(f) The appropriations and pledges herein made for the benefit of any bonds, other than refunding bonds, issued under this article shall be prior and superior to any appropriations and pledges for the benefit of any obligations that may at any time be issued under the provisions of Article 10 of this chapter.
