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23-7-7
Section 23-7-7 Administration and operations of bank. (a) Earnings on balances in the federal
highway account, as created by this chapter, must be credited and invested according to federal
law. The bank may establish accounts and subaccounts within the state highway account and
the federal highway account as considered desirable to effectuate the purposes of this chapter,
or to meet the requirements of any state or federal programs. (b) The bank shall comply with
all applicable federal laws and regulations prohibiting the commingling of certain federal
funds deposited in the bank. (c) The operations of the bank shall be administered by the department,
as agent for the bank, and the department may establish procedures and adopt rules necessary
to administer the operations of the bank in accordance with applicable law and to enter into
contracts and other agreements in connection with the operation of the bank including, but
not limited to, contracts and agreements with federal...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-7-7.htm - 1K - Match Info - Similar pages
5-3A-1
Section 5-3A-1 Required times; items to be examined; applicability to bank holding companies
and affiliates. (a) For purposes of this section, a bank holding company is a holding company
organized under the laws of Alabama or another state in the United States that directly owns
a majority of the voting securities of an Alabama state bank. (b) Every bank other than national
banks shall be subject to the supervision and inspection of the superintendent and the regulations
and supervision thereof. The superintendent shall, by competent examiner appointed by him
or her, visit and examine every bank organized under the laws of Alabama at least once in
each eighteen-month period. The examination of banks shall be at irregular intervals. On every
examination, inquiry shall be made as to the conditions and resources of the bank, the mode
of conducting and managing the affairs of the bank, the action of its directors, the investment
of the funds of the bank, the safety and prudence of the...
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16-33C-6
Section 16-33C-6 PACT Program generally. (a) The PACT Program is established as one college
savings alternative under the plan whereby purchasers enter into PACT contracts for the future
payment of tuition and mandatory fees at eligible educational institutions. The PACT Program
includes the PACT Trust Fund and the PACT Administrative Fund created pursuant to this chapter.
(b) The official location of the trust fund shall be the State Treasurer's office, and the
facilities of the State Treasurer shall be used and employed in the administration of the
fund including, but without limitation thereto, the keeping of records, the management of
bank accounts and other investments, the transfer of funds, and the safekeeping of securities
evidencing investments. The PACT Trust Fund is hereby created as the source for payment of
the PACT Program's obligations under PACT contracts. The amounts on deposit in the PACT Trust
Fund shall not constitute property of the state, and the state may have no...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-33C-6.htm - 5K - Match Info - Similar pages
16-54-18
Section 16-54-18 Fund previously generated by proceeds from lands dedicated to university to
be deposited in Restricted Endowment Fund; provisions for payment of remaining principal over
five-year-period; interest to be paid. On May 19, 1980, the Treasurer of the state shall pay
to the Treasurer of the University of Montevallo the whole amount of the fund in the Treasury
generated by proceeds from both federally granted and other lands dedicated to the benefit
of the University of Montevallo. These funds shall be deposited into the University of Montevallo
Restricted Endowment Fund. On October 1, 1996, and on October 1 of each of the next four fiscal
years, the State Treasurer shall pay to the Treasurer of the University of Montevallo one-fifth
of the remaining principal sum of proceeds not heretofore transferred, which were derived
and generated from the sales of federal lands granted by the United States Congress to the
State of Alabama for the express support of the University of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-54-18.htm - 3K - Match Info - Similar pages
22-23B-3
Section 22-23B-3 Revolving Loan Fund established; maintenance; administration. There is hereby
established the State of Alabama Drinking Water Revolving Loan Fund, which shall be maintained
in perpetuity and operated by the department as agent for the authority for the purposes stated
herein. Grants from the federal government or its agencies allocated, allotted or paid to
the state for capitalization of the revolving loan fund, state matching funds where required,
and loan principal, interest, and penalties and interest income and all other amounts at anytime
required or permitted to be paid into the revolving loan fund shall be deposited therein.
Proceeds of bonds issued by the authority, proceeds of capitalization grants, funds appropriated
by the state, loan principal and interest payments, interest income and all other funds of
the authority shall be deposited with one or more banks designated by the authority to act
as depository or trustee with respect to such funds. The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-23B-3.htm - 3K - Match Info - Similar pages
22-30F-10
Section 22-30F-10 Capitalization grant agreements, operating agreements, other arrangements.
The department is hereby authorized to enter into capitalization grant agreements, operating
agreements, and other arrangements required by the United States Environmental Protection
Agency, other federal agencies, or other entities as a condition precedent to the receipt
of funds necessary to capitalize the revolving loan fund. The department shall have full and
continuing power to do all things necessary to be and remain in compliance with the provisions
of any applicable federal act necessary to cause the state to receive assistance under any
such federal act for the purposes herein stated. (Act 2003-403, p. 1176, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-30F-10.htm - 1K - Match Info - Similar pages
23-2-154
Section 23-2-154 Bonds legal investments for all purposes; entitled to be deposited with state
officers or agencies. Bonds issued by the authority under the provisions of this article are
hereby made securities in which the state and all political subdivisions of this state, their
officers, boards, commissioners, departments or other agencies; all banks, bankers, savings
banks, trust companies, savings and loan associations, investment companies and other persons
carrying on a banking business; all insurance companies, insurance associations and other
persons carrying on an insurance business; and all administrators, executors, guardians, trustees
and other fiduciaries; and all other persons whatsoever who now are or may hereafter be authorized
to invest in bonds or other obligations of the state may properly and legally invest any funds,
including capital belonging to them or within their control. The bonds or other securities
or obligations are hereby made securities which properly...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-2-154.htm - 1K - Match Info - Similar pages
23-7-11
Section 23-7-11 Failure to collect or remit funds due; withholding of funds. (a) If a government
unit fails to collect and remit in full all amounts due to the bank on the date these amounts
are due under the terms of any note or other obligation of the government unit, the bank shall
notify the State Finance Director who shall direct the withholding of all or a portion of
the funds of the state and all funds administered by the state, its agencies, boards, and
instrumentalities allotted or appropriated to the government unit and apply an amount necessary
to the payment of the amount due. (b) Nothing contained in this section mandates the withholding
of funds allocated to a government unit the withholding of which would violate contracts to
which the state is a party, the requirements of federal law imposed on the state, or judgments
of a court binding on the state. (Act 2015-50, p. 173, §11; Act 2018-290, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-7-11.htm - 1K - Match Info - Similar pages
24-1-36
Section 24-1-36 Investment by state, fiduciaries, banks, etc., in bonds, etc., issued by authorities.
Notwithstanding any restrictions on investments contained in any laws of this state, the state
and all public officers, municipal corporations, political subdivisions other than county
and public bodies, all banks, bankers, trust companies, savings banks and institutions, building
and loan associations, savings and loan associations, investment companies, and other persons
carrying on a banking business, all insurance companies, insurance associations, and other
persons carrying on an insurance business and all executors, administrators, guardians, trustees,
and other fiduciaries may legally invest any sinking funds, moneys, or other funds belonging
to them or within their control in any bonds or other obligations issued by a housing authority
pursuant to this article or issued by any public housing authority or agency in the United
States, when such bonds or other obligations are...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-1-36.htm - 2K - Match Info - Similar pages
36-21-66
Section 36-21-66 Alabama Peace Officers' Annuity and Benefit Fund created; purpose and official
designation; composition generally; investment, expenditure, etc., of moneys therein. A special
fund is established and placed under the management of the board for the purpose of providing
retirement allowances and other benefits under this article for members of the fund. The fund
shall be known as the Alabama Peace Officers' Annuity and Benefit Fund, by and in which name
all of its business shall be transacted, all of its funds invested, and all of its cash and
securities and other property held in trust for the purposes for which received. All amounts
received by the board pursuant to this article shall be paid into the fund. The board shall
have such control of the fund as shall not be inconsistent with this article and with the
laws of the state. All moneys of the board shall either be deposited into the State Treasury
or in a special trust account or accounts in any bank or banks in...
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