The Alabama Transportation Infrastructure Bank (ATIB) is an ALDOT program that provides government units with low-interest loans to help fund transportation projects within the state. The goal is to leverage state and federal funds, accelerate priority transportation projects, spur economic development, and assist local governments with their transportation needs.
The ATIB provides a low-cost means to fund projects. The bank can provide the money to accelerate a construction schedule or to complete a funding package. The minimum loan amount is $5 million and can be based on the funding of multiple projects.
Bullock County will benefit from the ATIB, as the Bullock County Commission entered into an agreement to secure $5 million dollars of funding that will be used to improve the county’s road system. Through the ATIB, the county obtained favorable borrowing rates and reduced transaction costs in securing a fifteen-year revenue bond.
This funding source will allow for needed road improvements to be constructed more quickly. Over seventy miles of the county’s road system are slated to be improved with this money. All the Bullock County projects are expected to be completed within three years of the funding approval.
