Amend amendment 31A, bearing document number 3579R067.EB.LKG, as and if amended, by inserting an appropriately numbered new SECTION to read:
/ SECTION___. Article 1, Chapter 43, Title 11 of the 1976 Code is amended by adding:
"Section 11-43-295. (A) Of the revenues credited to the bank pursuant to Section 12-28-310, the bank shall issue bonds pursuant to Article 3 for interstate projects of statewide benefit which improve or expand existing transportation interstate corridors with emphasis on capacity or improvements needed to strengthen economic development.
(B) Of the bonds issued pursuant to subsection (A), at least ten percent of the funds must be awarded for projects under one hundred million primarily located in a county designated as Tier III or Tier IV as of January 1, 2016, pursuant to Section 12-6-3360, at any time during the fiscal year. If sufficient projects do not exist in these counties to meet the ten percent requirement, then the bank must carry forward any remaining funds to the next fiscal year to be used for the same purpose. Projects in these counties are not limited to interstate improvements and may include secondary and primary roads if critical to the economic benefit of the area. For projects located in these counties, the bank only may require local financial support of up to five percent for Tier IV counties and up to ten percent for Tier III counties.
(C) The bank must document each project with specificity as to the reasons the projects were or were not selected, including the projected economic value of each project to the state. In selecting projects, the bank is limited only by the most expeditious and efficient manner in addressing the road condition and congestion, as applicable.
(D) Each fiscal year, the bank must issue a report to the General Assembly detailing the expenditure of these revenues." /
Renumber sections to conform.
Amend title to conform.