Alabama § 9-14F-3 - Definitions.

§ 9-14F-3. Definitions.

(a) For purposes of this chapter, the following terms have the following meanings:

(1) AMENDMENT. The amendment to the Constitution of Alabama of 1901, proposed in Act 2021-326, authorizing the issuance of the bonds to be issued by the authority.

(2) AUTHORITY. The Alabama State Parks Enhancement Authority.

(3) BOARD OF DIRECTORS. The board of directors of the authority.

(4) BONDS. The bonds issued under this act.

(5) COMMISSION. The Alabama Historical Commission.

(6) DEPARTMENT. The Alabama Department of Conservation and Natural Resources.

(7)GOVERNMENT SECURITIES. Any bonds or other obligations which as to principal and interest constitute direct obligations of, or are unconditionally guaranteed by, the United States of America, including obligations of any federal agency to the extent such obligations are unconditionally guaranteed by the United States of America and any certificates or any other evidences of an ownership interest in such obligations of, or unconditionally guaranteed by, the United States of America or in specified portions thereof, which may consist of the principal thereof or the interest thereon.

(8) PERMITTED INVESTMENTS. Any of the following:

a. Government securities.

b. Bonds, debentures, notes, or other evidences of indebtedness issued by any of the following agencies: Bank for Cooperatives; Federal Intermediate Credit Banks; Federal Financing Bank; Federal Home Loan Banks; Federal Farm Credit Bank; Export-Import Bank of the United States; Federal Land Banks; or Farmers Homes Administration; or any other agency or corporation which has been or may hereafter be created by or pursuant to an act of the Congress of the United States as an agency or instrumentality thereof.

c. Bonds, notes, pass through securities, or other evidences of indebtedness of Government National Mortgage Association and participation certificates of Federal Home Loan Mortgage Corporation.

d. Time deposits evidenced by certificates of deposit issued by banks or savings and loan associations which are members of the Federal Deposit Insurance Corporation, provided that, to the extent such time deposits are not covered by federal deposit insurance, such time deposits, including interest thereon, are fully secured in accordance with the SAFE Program pursuant to Sections 41-14A-1 through 41-14A-14.

e. Government money market mutual funds.

f. Repurchase agreements for obligations of the type specified in paragraphs a., b., and c., provided the repurchase agreements are fully collateralized and secured by the obligations that have a market value at least equal to the purchase price of such repurchase agreements which are held by a depository satisfactory to the State Treasurer in such manner as may be required to provide a perfected security interest in such obligations, and which meet the greater of 100 percent collateralization or the “AA” or “Aa” collateral levels established by Standard & Poor’s Ratings Group or Moody’s Investors Service, respectively, for structured financings.