The bonds of an authority shall be legal investments in which the state and its agencies and instrumentalities, all counties, municipalities, and other political subdivisions of the state and public corporations organized under the laws thereof, all insurance companies and associations and other persons carrying on an insurance business, all banks, savings banks, savings and loan associations, trust companies, credit unions, and investments companies of any kind, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons whosoever are now or may hereafter be authorized to invest in bonds or other obligations of the state, may properly and legally invest funds in their control or belonging to them.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 47 - Powers, Duties and Liabilities Generally.
Article 9 - Parks, Playgrounds, and Other Recreational and Athletic Areas and Facilities.
Section 11-47-210 - Definitions.
Section 11-47-210.1 - Legislative Findings and Declarations.
Section 11-47-215 - Certificate of Incorporation of Authorities - Contents.
Section 11-47-217 - Boards of Directors of Authorities.
Section 11-47-220 - Construction of Article.
Section 11-47-223 - Bonds of an Authority - Signature and Seal.
Section 11-47-227 - Construction of Bonds as Negotiable Instruments.
Section 11-47-228 - Exemption From Taxation.
Section 11-47-230 - Compliance With State Laws Governing Competitive Bidding.
Section 11-47-231 - Bonds as Legal Investments.
Section 11-47-232 - Authority as Nonprofit Corporation.
Section 11-47-234 - Eminent Domain.
Section 11-47-237 - Application of State Ethics Act to Members of Authorities.
Section 11-47-238 - Relationship of Article to Other Laws.
Section 11-47-239 - Construction of Article to Effect Its Purpose.