41-23-193
Section 41-23-193 Creations; functions; fee. (a) The Alabama Public Transportation Trust Fund is created in the State Treasury for the distribution of designated funds appropriated by the Legislature or collected from grants or other sources for the purpose of increasing public transportation options across the State of Alabama. The trust fund shall be maintained and administered by the department. (b) The department shall do all of the following in maintaining and administering the trust fund: (1) Invest and reinvest all money held in the trust fund in investments under the department's investment policies. (2) Keep books and records relating to the investment, interest earnings, and uses of monies deposited into the trust fund. (3) Establish procedures for the withdrawal, allocation, and use of the monies held in the trust fund for the purposes described in Section 41-23-194. (4) Publish, on an annual basis, criteria for determining the distribution of monies from the trust fund. (5)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-23-193.htm - 3K - Match Info - Similar pages
26-16-30
Section 26-16-30 Creation of fund; purpose; investment; disposition. (a) The Children's Trust Fund is created as a separate fund in the State Treasury. The function of the Children's Trust Fund shall be to serve as a permanent trust pursuant to Section 26-16-8, and as an investment account for the earnings and funds received by the Child Abuse and Neglect Prevention Board pursuant to Sections 26-16-8, 26-16-31, and 26-16-30(e). (b) The State Treasurer shall credit to the trust fund all amounts appropriated for this purpose under this article and any amounts received under Section 26-16-8. (c) The State Treasurer shall invest trust fund money in the same manner as funds are invested pursuant to Section 16-33C-6. Earnings shall be credited to the trust fund. (d) A separate revenue trust account in the State Treasury is created to be known as the Child Abuse and Neglect Prevention Board Operations Fund which shall serve as the administrative fund for the Children's Trust Fund and the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/26-16-30.htm - 3K - Match Info - Similar pages
41-15-10
Section 41-15-10 Premiums and collected earnings to constitute trust fund; surplus may be invested in bonds, stocks, mutual funds, etc.; limitations and conditions; requisition for payment of losses, expenses, etc. All premiums and earnings collected under the provisions of this chapter shall constitute a trust fund to be applied as authorized in this chapter. With the approval of the Governor, any surplus in the fund over a necessary working capital, which shall be determined by the Director of Finance, at not less than $400,000.00, may be invested in the bonds or other obligations of the United States, of the State of Alabama or of any agency, institution or instrumentality of the State of Alabama. The Director of Finance shall also have the authority to invest and reinvest said state insurance trust funds in such classes of bonds, mortgages, common and preferred stocks, shares of investment companies or mutual funds or other investments as the Finance Director with the consent of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-15-10.htm - 2K - Match Info - Similar pages
10A-20-7.01
Section 10A-20-7.01 Definitions. For the purposes of this article, the following terms shall have the meanings respectively ascribed to them by this section: (1) BOARD OF DIRECTORS. The board of directors of the corporation created under this article. (2) CORPORATION. An Alabama industrial development corporation created under this article. (3) FINANCIAL INSTITUTION. Any banking, mortgaging corporation or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, pension funds or other institution engaged primarily in lending or investing funds. (4) LOAN LIMIT. For any member, the maximum amount permitted to be outstanding at one time on loans made by the member to the corporation, as determined under the provision of this article. (5) MEMBER. Any financial institution authorized to do business within this state which shall undertake to lend money to a corporation created under this article, upon its call and in accordance with the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-7.01.htm - 1K - Match Info - Similar pages
16-33C-3
Section 16-33C-3 Definitions. The following terms as used in this chapter shall have the meanings ascribed to them, unless the context clearly indicates otherwise: (1) ABLE PROGRAM. The Achieving a Better Life Experience Program established pursuant to this chapter and defined in Section 529A of the Internal Revenue Code of 1986, as amended, or other applicable federal law, to assist individuals and families to save private funds to support individuals with disabilities to maintain health, independence, and quality of life. (2) ABLE SAVINGS ACCOUNT. An individual ABLE trust fund account established by a contributor pursuant to this chapter to apply distributions from the account toward qualified disability expenses for an eligible designated beneficiary, both terms as defined in Section 529A of the Internal Revenue Code of 1986, as amended, or other applicable federal law. (3) ABLE TRUST FUND. The fiduciary trust fund established pursuant to this chapter comprised of separate and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-33C-3.htm - 4K - Match Info - Similar pages
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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41-10-767
Section 41-10-767 Bonds are legal investments. Bonds issued by the authority are hereby made a legal investment for savings banks and insurance companies organized under the laws of the state 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 the bonds of the authority. (Act 2016-469, 1st Sp Sess., §18.)...
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11-104-4
Section 11-104-4 Trustees. (a) A governmental entity or entities may retain as a trustee any financial institution, committee, association, person, or persons which it deems capable, competent, experienced, and appropriate for serving in such capacity. (b) The powers and duties of the trustee shall be evidenced in and determined by the written trust agreement between the trustee and the governmental entity or entities. (c) The trustee shall cause the annual financial statements of the trust to be prepared in accordance with generally accepted accounting principles and an audit by a qualified independent certified accounting firm to be conducted of those financial statements of each respective trust for each fiscal year in accordance with generally accepted auditing standards. (d) Reasonable trustee fees and the reasonable expenses of holding, making, and disposing of investments, such as brokerage commissions, legal expenses referable to a particular transaction, transfer taxes, and...
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19-3C-3
Section 19-3C-3 Standard of conduct in managing and investing institutional funds. (a) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund. (b) In addition to complying with the duty of loyalty imposed by law other than this chapter, each person responsible for managing and investing an institutional fund shall manage and invest the fund in good faith and with the care an ordinarily prudent person in a like position would exercise under similar circumstances. (c) In managing and investing an institutional fund, an institution: (1) may incur costs that are appropriate and reasonable in relation to the assets, the purposes of the institution, and the skills available to the institution; and (2) shall make a reasonable effort to verify facts relevant to the management and investment of the fund. (d) An...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3C-3.htm - 3K - Match Info - Similar pages
26-1A-116
Section 26-1A-116 Judicial relief. (a) The following persons may petition a court to construe a power of attorney, determine the validity of a power of attorney, or review the agent's conduct, and grant appropriate relief: (1) the principal or the agent; (2) a guardian, conservator, or other fiduciary acting for the principal; (3) a person authorized to make health care decisions for the principal; (4) the principal's spouse, parent, or descendant; (5) an individual who would qualify as a presumptive heir of the principal; (6) a person named as a beneficiary to receive any property, benefit, or contractual right on the principal's death or as a beneficiary of a trust created by or for the principal that has a financial interest in the principal's estate; (7) a governmental agency having regulatory authority to protect the welfare of the principal; (8) the principal's caregiver or another person that demonstrates sufficient interest in the principal's welfare; (9) a person asked to...
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