(a) There is hereby created the Alabama Transportation Rehabilitation and Improvement Program (ATRIP) Committee. The appointing authorities shall coordinate their appointments to assure the committee membership is inclusive and reflects the racial, gender, geographic, urban, rural, and economic diversity of the state. All members of the ATRIP Committee shall be appointed by May 26, 2016, and shall serve until a successor is named. Members of the ATRIP Committee shall consist of:

(1) The Director of the State Department of Transportation who shall serve as chair of the ATRIP Committee.

(2) The Lieutenant Governor or his or her designee.

(3) One member appointed by the President Pro Tempore of the Senate.

(4) One member appointed by the Speaker of the House of Representatives.

(5) One member appointed by the Association of County Commissions of Alabama.

(6) One member appointed by the Alabama League of Municipalities.

(7) One member appointed by the Business Council of Alabama.

(8) One member appointed by the Alabama Farmers Federation.

(9) One member appointed by the Alabama Rural Electric Association of Cooperatives.

(10) Three members appointed by the Governor, one of whom shall be a minority member of the Legislature.

(b) The ATRIP Committee is authorized to enter into an agreement with any funding authority or bank that is authorized to issue tax exempt debt for infrastructure purposes in order to pledge the annual revenue proceeds allocated in subdivision (1) of Section 23-1-431 as payment for any loan or debt indenture. If the amount of annual revenue proceeds allocated in subdivision (1) of Section 23-1-431 is thirty-two million dollars ($32,000,000) annually, the ATRIP Committee is authorized to pledge thirty-two million dollars ($32,000,000) of annual revenue proceeds as payment for any loan or debt indenture not to exceed three hundred million dollars ($300,000,000) of loan or debt commitments outstanding at any time. If the amount of annual revenue proceeds allocated in subdivision (1) of Section 23-1-431 is increased to sixty-four million dollars ($64,000,000) annually, the ATRIP Committee is authorized to pledge sixty-four million dollars ($64,000,000) of annual revenue proceeds as payment for any loan or debt indenture not to exceed six hundred million dollars ($600,000,000) of loan or debt commitments outstanding at any time. By June 25, 2016, the ATRIP Committee shall convene to develop and adopt procedures for the pledge of any revenue proceeds allocated in subdivision (1) of Section 23-1-431 and the selection and authorization of projects to be funded from the revenue proceeds or loan or debt proceeds, including a procedure that any project selected and authorized to be funded from the revenue proceeds or loan or debt proceeds shall be subject to subsection (d) of Section 23-1-433. The procedures shall ensure that the initial allocation of two million five hundred thousand dollars ($2,500,000) per county commission shall be utilized to replace county bridges, to the extent any exists, which meet all of the following criteria: (1) Are posted for traffic below the maximum legal weight limit; (2) have a sufficiency rating of 50 or less on the then current ALDOT bridge inventory; and (3) have an average daily traffic count of 200 or more vehicles. In addition, the policies for the awarding projects above and beyond the two million five hundred thousand dollars ($2,500,000) per county commission shall also be developed with an emphasis on the impact posted bridges have on the school bus detours and the economic growth and stability of this state. If the revenue proceeds allocated in subdivision (1) of Section 23-1-431 are pledged to secure loan or debt commitments within the amounts allowed, the procedures developed and adopted for the selection and authorization of projects to be funded with the loan or debt proceeds shall include provisions to ensure that each county commission of the state shall have projects authorized totaling at least two million five hundred thousand dollars ($2,500,000). After the ATRIP Committee develops and adopts procedures for the pledge of any revenue proceeds and the selection and authorization of projects to be funded from the revenue proceeds or loan or debt proceeds, a copy of the procedures shall be distributed to each of the 67 counties of the state and shall be posted on the Department of Transportation website.