Alabama § 11-101A-20 - Investments.
Full text of Alabama Code of Alabama § 11-101A-20 — Investments., with citation guidance and answers to common questions.
§ 11-101A-20. Investments.
(a) To the extent permitted by the contracts of the authority with the holders of its securities and if not otherwise specifically prohibited by any other provision of this chapter, the authority may invest any portion of the principal proceeds derived from the sale of any of its securities which is not then needed for any of the purposes for which the securities were authorized to be issued, the moneys held in any special fund created pursuant to any resolution or indenture authorizing or securing any of its securities, and any other moneys of the authority not then needed by it, in any of the following:
(1) Federal securities.
(2) Any debt securities that are direct obligations of any agency of the United States of America.
(3) Interest-bearing bank time deposits and interest-bearing bank certificates of deposit.
(4) Money market funds whose investments are restricted to federal securities.
(5) Repurchase agreements with respect to federal securities.
(b) Any securities, time deposits, or certificates of deposit in which any investment is made may, at any time, and from time to time, be sold or otherwise converted into cash. The income derived from those investments shall be disbursed on order of the board for any purpose for which the authority may lawfully expend funds.
Frequently Asked Questions About Alabama § 11-101A-20
What does Code of Alabama § 11-101A-20 cover?
Section 11-101A-20 ("Investments.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 11-101A-20?
A common citation format is "Code of Alabama § 11-101A-20" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 11-101A-20 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.