41-10-101
Section 41-10-101 Investment in bonds of corporation by savings banks, insurance companies,
trustees, etc. Bonds issued under the provisions of this article are hereby made legal investments
for executors, administrators, trustees and other fiduciaries and for savings banks and insurance
companies organized under the laws of the state. (Acts 1965, 1st Ex. Sess., No. 174, p. 224,
§25.)...
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19-3-123
Section 19-3-123 Mortgages insured by secretary of housing and urban development - Investment.
It shall be lawful for trustees, executors, administrators, guardians and other fiduciaries
to invest their funds and the moneys in their custody or possession eligible for investment
in mortgages which have been accepted for insurance by the secretary of housing and urban
development or his predecessor officer pursuant to Title 2 of the National Housing Act. No
law of this state requiring security upon which loans or investments may be made or prescribing
the nature, amount or form of such security or prescribing or limiting the period for which
loans or investments may be made shall be deemed to apply to loans or investments made pursuant
to the foregoing paragraph. (Acts 1935, No. 53, p. 124; Code 1940, T. 58, §50.)...
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16-17A-13
Section 16-17A-13 Investment in indebtedness. Indebtedness issued under the provisions of this
chapter is hereby made a legal investment for savings banks and insurance companies organized
under state law and for trustees, executors, administrators, guardians, persons, or organizations
acting in a fiduciary capacity, unless otherwise directed by a court having jurisdiction or
by a document providing fiduciary authority. Any governmental entity or public corporation
is authorized, in its discretion, to invest any available funds in securities of the authority.
(Act 2016-201, §13.)...
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2-3A-35
Section 2-3A-35 Refunding bonds. Pursuant to the provisions of Amendment 618 and this article,
the authority may, at any time and from time to time, issue for the state refunding bonds
of the state for the purpose of refunding any or all of the bonds authorized by Amendment
618 then outstanding (including any refunding bonds that may have been previously issued),
whether such refunding shall occur before, at or after the maturity of the bonds to be refunded.
In the discretion of the authority, refunding bonds may be issued in exchange for such outstanding
bonds or they may be sold and the proceeds thereof applied to the purchase, redemption or
payment of such outstanding bonds. Refunding bonds to be issued in exchange for such outstanding
bonds shall not be issued in a principal amount greater than the principal amount of the bonds
to be refunded. Refunding bonds to be sold pursuant hereto may be issued in such principal
amount or amounts as shall be determined by said authority....
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2-3A-55
Section 2-3A-55 Refunding bonds. Pursuant to the provisions of Amendment 619 and this article,
the authority may, at any time and from time to time, issue for the state refunding bonds
of the state for the purpose of refunding any or all of the bonds authorized by the aforesaid
amendment then outstanding (including any refunding bonds that may have been previously issued),
whether such refunding shall occur before, at or after the maturity of the bonds to be refunded.
In the discretion of the authority, refunding bonds may be issued in exchange for such outstanding
bonds or they may be sold and the proceeds thereof applied to the purchase, redemption or
payment of such outstanding bonds. Refunding bonds to be issued in exchange for such outstanding
bonds shall not be issued in a principal amount greater than the principal amount of the bonds
to be refunded. Refunding bonds to be sold pursuant hereto may be issued in such principal
amount or amounts as shall be determined by said...
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41-10-282
Section 41-10-282 Bonds are lawful security for state deposits; investment of state, retirement,
and other fiduciary funds in bonds of authority. Any bonds issued by the authority may be
used by the holders thereof as security for deposits of any funds belonging to the state or
to any instrumentality, agency or political subdivision of the state in any instance where
security for such deposits may be required or permitted by law. Any surplus in any state fund
and any retirement or trust fund, where the investment thereof is permitted or required by
law, may be invested in bonds issued by the authority. Unless otherwise directed by the court
having jurisdiction thereof, or the document that is the source of authority, a trustee, executor,
administrator, guardian, or one acting in any other fiduciary capacity may, in addition to
any other investment powers conferred by law and with the exercise of reasonable business
prudence, invest trust funds in the bonds of the authority. (Acts 1986,...
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16-3-28
Section 16-3-28 Authority of board and trustees of institutions to borrow from federal agencies
or others; issuance of bonds, notes and other securities. (a) The State Board of Education,
acting for the respective educational institutions under its supervision, and each public
corporation that conducts one or more state educational institutions under its supervision,
acting through its board of trustees or other governing body, are hereby separately authorized
to exercise and perform any or all of the following powers: (1) To borrow money from the United
States of America or any department or agency thereof, or from any person, firm, corporation
or other lending agency for the purchase, construction, enlargement or alteration of any buildings
or other improvements, including dormitories, dining halls, classrooms, laboratories, libraries,
stadiums, administration buildings and any other buildings and appurtenances thereto suitable
for use by the institution with respect to which the...
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41-10-469
Section 41-10-469 Use of proceeds of refunding bonds. The proceeds of refunding bonds shall
be applied, together with any other moneys legally available therefor, to the payment of the
expenses authorized by this article and to the payment of the principal of, premium, if any,
and interest due and to become due on any outstanding bonds to be refunded thereby and, if
so required by resolution of the authority, shall be deposited in the State Treasury in an
interest account to pay interest on refunding bonds, and in the State Treasury in a reserve
account to further secure the payment of the principal of, premium, if any, and interest on
any refunding bonds. The expenses authorized by this article shall include, in addition to
expenses authorized by other sections hereof, all expenses that the board of directors may
deem necessary or advantageous in connection with the sale and issuance of such refunding
bonds, including without limitation, the expenses of selling and issuing such...
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36-31-1
Section 36-31-1 Designation and prescription of powers and duties of trustees. Each governing
body in the State of Alabama including the council, commission or similar governing body of
each municipal corporation, the board of directors of each incorporated municipal board, the
county commission of each county, the board of education of each city, the board of education
of each county, the board of directors of each county or municipal hospital, each gas district,
any other county or municipal public corporation, agency or authority and the board of trustees,
board of managers, board of control or similar governing body of each state agency or institution
of education, learning, training or correction or for the delinquent, insane, sick, deaf,
dumb, blind, needy, juvenile or aged, now existing or established after September 16, 1963,
may designate a bank (whether a national bank or banking association or a banking or trust
company operating under the jurisdiction of the Superintendent...
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41-29-505
Section 41-29-505 Deposit and investment of and disbursements from bond proceeds. (a) The proceeds
of all bonds, other than refunding bonds, issued by the authority remaining after paying expenses
of their issuance, shall be deposited in the state treasury and shall be carried in the state
treasury in a special or separate account or accounts. Such funds shall be subject to be drawn
upon by the authority, but any funds so withdrawn shall be used solely for the purposes for
which the bonds were issued as authorized in this article. (b) The state treasurer, with the
approval of the secretary of the authority, shall invest funds not needed by the authority
within the ensuing thirty days for any purpose for which they are held, which investments
shall be made in the manner authorized and provided for in Section 36-17-18. The state treasurer
and the authority may apply so much as may be necessary from the earnings on said investments
toward satisfaction of the arbitrage rebate requirements...
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