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41-14-31
Section 41-14-31 Maintenance of money for current operational expenses; apportionment of demand
deposits. As much money as may be needed for current operational purposes of the state government,
as determined by the State Treasurer in accordance with procedures prescribed by Section 41-14-32
and with the approval of the Governor, shall be maintained at all times in the State Treasury
in cash or in demand deposits with state depositary banks. The State Treasurer shall apportion
such demand deposits among state depositaries, giving preference to banks that are located
in Alabama and giving due consideration to the activities of the various banking accounts
maintained therein, the reasonable value of the banking services rendered or to be rendered
the state by depositary banks, and giving first priority to the value and importance of such
deposits to the economy of the communities and the various areas of the state to be affected
thereby, as indicated by the loan to deposit ratio. (Acts...
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41-14-33
Section 41-14-33 Contracts covering time deposits, open account; early withdrawal; apportionment;
payment and rate of interest. (a) The State Treasurer is authorized to enter into contracts
with the state depositories for the deposit of state funds in time deposits, open account,
having maturities of 91 days, six months, or one year; provided that any such contract for
a time deposit, open account, having a maturity of 91 days shall provide for early withdrawal
of funds upon written notice delivered at least 14 days (or the minimum period of time as
is prescribed by applicable banking regulation then in effect) prior to the date of withdrawal.
(b) The State Treasurer shall apportion the time deposits, open account, among state depositories,
giving preference to banks that are located in Alabama and giving due consideration to the
activities of the various banking accounts maintained therein, the reasonable value of the
banking services rendered or to be rendered the state by depositary...
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41-14A-6
Section 41-14A-6 Establishment of SAFE board of directors; powers and duties of the board of
directors. (a) There is hereby established a Board of Directors of the SAFE Program charged
with responsibility and authority to assess and manage the sufficiency of the collateral pool
and the SAFE Program to provide adequate protection from losses to public depositors. In exercising
its powers and performing its responsibilities, the board of directors shall constitute a
body politic under the laws of the state performing the public function of assuring the safety
of public deposits. (b) The State Treasurer shall be a permanent, standing, voting member
of the board of directors and shall serve as its chair. The Superintendent of Banks shall
be a permanent, standing, non-voting member of the board of directors. The remaining six members
shall each possess knowledge, skill, and experience in one or more of the following areas:
(1) Financial analysis. (2) Trend analysis. (3) Accounting. (4)...
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5-5A-19
Section 5-5A-19 Reserves. (a) A bank which is not a member of the Federal Reserve System shall
maintain at all times a reserve fund in an amount fixed by resolution of the Banking Board.
The amount of the required reserve for each day shall be computed on the basis of average
daily deposits covering such biweekly or shorter periods as shall be fixed by resolution of
the Banking Board. This reserve shall consist of cash on hand and demand deposits due from
other banks. (b) A bank shall give written notice to the superintendent, in the manner prescribed
by the superintendent for such notice, of any deficiency in the amount or form of the reserve
fund required by this section within three business days after the close of any scheduled
averaging period during which deficiency occurs. Such bank shall pay to the superintendent
a fee because of this deficiency which shall be fixed by the Banking Board. All such fees
shall be paid into the special fund set up by the State Treasurer pursuant to...
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5-5A-28
Section 5-5A-28 Pledge of assets. No bank may pledge assets as security for deposits, except
any bank is authorized to pledge acceptable assets as security for deposits of trust funds
deposited by its trust department and of public funds, heretofore or hereafter deposited,
by the United States or any agency or governmental instrumentality of the United States or
by a state or any political subdivision of a state or any agency or other governmental instrumentality
of such subdivision, including any county, municipal corporation, county, city, or other public
board of education, including any custodian or treasurer of county, city, or other public
school funds, any improvement authority heretofore or hereafter incorporated or any public
corporation, including each board, authority, or district heretofore or hereafter organized
or created in a state pursuant to authorization or determination by any municipality or municipalities
or by any county or counties or the governing body of any...
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27-3-11
Section 27-3-11 Deposit requirements - Generally. (a) The commissioner shall not issue or permit
to exist a certificate of authority as to any insurer, other than an alien insurer, unless
it has deposited and maintains deposited in trust with the Treasurer of this state cash or
securities eligible under Section 27-6-3 and having a value at all times of not less than
$100,000.00 or the minimum paid-in capital stock, if a stock insurer, or surplus, if a mutual
or reciprocal insurer, required to be maintained by the insurer under this title for authority
to transact the kinds of insurance to be transacted, whichever is the smaller amount. (b)
The deposit shall be for the general benefit and protection of the insurer's policyholders
or its policyholders and creditors. (c) In lieu of such deposit, or part thereof, in this
state of a foreign insurer, the commissioner shall, subject to the retaliatory law, Section
27-3-29, accept the current certificate in proper form of the public official...
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41-10-541
Section 41-10-541 Definitions. (a) The following words and phrases used in this division, and
others evidently intended as the equivalent thereof, shall, in the absence of clear implication
herein otherwise, be given the following respective interpretations herein: (1) APPROPRIATED
FUNDS. Net TVA payments to the extent such payments are pledged and appropriated to the authority
pursuant to Section 41-10-550. (2) AUTHORITY. The public corporation organized pursuant to
this division. (3) AUTHORITY GUARANTY. An agreement of the authority pursuant to which the
payment of debt service referable to bonds, notes, or other evidences of indebtedness of a
development agency is guaranteed by the authority. (4) AUTHORITY OBLIGATIONS. Bonds of the
authority and authority guaranties. (5) AUTHORITY-GUARANTEED OBLIGATIONS. Bonds, notes, or
other evidences of indebtedness of a development agency that are issued solely for the purpose
in financing a project and that are guaranteed, in whole or in part,...
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39-2-12
Section 39-2-12 Partial and final payments of contractors by awarding authorities. (a) As used
in this section the following words shall have the meanings ascribed to them as follows: (1)
CONTRACTOR. Any natural person, partnership, company, firm, corporation, association, limited
liability company, cooperative, or other legal entity licensed by the Alabama State Licensing
Board for General Contractors. (2) NONRESIDENT CONTRACTOR. A contractor which is neither a.
organized and existing under the laws of the State of Alabama, nor b. maintains its principal
place of business in the State of Alabama. A nonresident contractor which has maintained a
permanent branch office within the State of Alabama for at least five continuous years shall
not thereafter be deemed to be a nonresident contractor so long as the contractor continues
to maintain a branch office within Alabama. (3) RETAINAGE. That money belonging to the contractor
which has been retained by the awarding authority conditioned on...
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45-8-90
Section 45-8-90 Economic Development Council - Creation; composition; powers and duties. (a)(1)
For the purposes of promoting industry and trade and economic development and to assist Calhoun
County and the municipalities located therein in their pursuits therefor and to provide for
the exercise by the county and the municipalities of certain powers and authority proposed
to be granted to them by an amendment to the Constitution of Alabama, the act proposing such
amendment being adopted at the same session of the Legislature at which the act adding this
section was adopted, there is hereby created an economic development council for Calhoun County,
which council shall constitute a public corporation under the name Calhoun County Economic
Development Council. (2) This section shall be liberally construed in conformity with the
purposes. (b)(1) The powers and authorities of the Calhoun County Economic Development Council
shall be vested in and performed by a board of directors. (2) The...
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37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state, shall
execute a compact, in substantially the following form, with the State of Mississippi, and
the Legislature approves and ratifies the compact in the form substantially as follows: Northeast
Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states solemnly
agree: Article I. The purpose of this compact is to promote and develop trade, commerce, industry,
and employment opportunities for the public good and welfare in northeast Mississippi and
northwest Alabama through the establishment of a joint interstate authority to acquire certain
railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
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