Section 23-1-300 Purpose and construction of article. - Alabama Statutes

Section 23-1-300

Purpose and construction of article.

(a) It is the intention of the Legislature by the passage of this article to authorize the incorporation of the Director of Finance, the Director of Transportation, the Attorney General, the State Treasurer, and the Governor of Alabama for the purposes of establishing the program Roads and Bridges to Alabama's Future and of anticipating and providing for the federal share of the cost of constructing federal aid projects and thus to accelerate the construction of such federal aid projects in the state by the issuance of the obligations of such corporation, which shall not be bonds or debts of the state but shall be payable solely from federal aid highway funds and the tax proceeds and investment income provided therefor by this article.

(b) This article shall be liberally construed in conformity with the said purpose.

(Acts 1976, No. 565, p. 764, §1; Acts 1981, No. 81-387, p. 574, §1; Acts 1988, No. 88-652, p. 1041, §1; Acts 1992, No. 92-204, p. 495, §1; Act 2000-727, p. 1558, §1.)