Any portion of the principal proceeds derived from the sale of the bonds which the board of directors of the authority may determine is not then needed for any of the purposes for which the bonds are authorized to be issued shall, on order of the authority, be invested by the State Treasurer in any securities which are direct and general obligations of the United States of America or the principal of and interest on which are unconditionally and irrevocably guaranteed by the United States of America. Any such securities may, at any time and from time to time on order of the authority, be sold or otherwise converted by the State Treasurer into cash. The income derived from any such investments shall be disbursed on order of the authority for any purpose for which it may lawfully expend funds.
Structure Code of Alabama
Title 14 - Criminal Correctional and Detention Facilities.
Chapter 2 - Alabama Corrections Institution Finance Authority.
Section 14-2-2 - Purpose of Chapter; Construction Thereof.
Section 14-2-3 - Incorporation by State Officials - Authority.
Section 14-2-4 - Incorporation by State Officials - Application.
Section 14-2-5 - Incorporation by State Officials - Certificate of Incorporation.
Section 14-2-6 - Members; Officers; Directors; Quorum; Vacancies; Salaries.
Section 14-2-7 - Resolutions and Proceedings of Board of Directors.
Section 14-2-8 - Powers - Generally.
Section 14-2-9 - Powers - Eminent Domain.
Section 14-2-10 - Temporary Loans in Anticipation of Issuance of Bonds.
Section 14-2-11 - Execution of Bonds and Notes.
Section 14-2-12 - Bonds - Authorization.
Section 14-2-13 - Bonds - Sale and Issuance of Refunding Bonds.
Section 14-2-14 - Bonds - Specifications; Redemption; Precedence.
Section 14-2-15 - Bonds - Recital, Notice and Contest of Authorizing Resolution, Etc.
Section 14-2-16 - Bonds - Sale.
Section 14-2-16.1 - Bonds - Report to Legislature; Contents.
Section 14-2-17 - Bonds - Investment of Surplus in State Fund, etc., and Trust Funds.
Section 14-2-18 - Bonds - Security for Deposit of Governmental Funds.
Section 14-2-19 - Bonds - Disposition of Proceeds.
Section 14-2-20 - Bonds - Investment of Proceeds.
Section 14-2-21 - Bonds - Security.
Section 14-2-22 - Bonds - Enforcement Upon Default.
Section 14-2-23 - Bonds - Bonds and Coupons Deemed Negotiable Instruments.
Section 14-2-24 - Obligations, Bonds, and Notes Not Debt of State.
Section 14-2-26 - Kilby Property - Sale or Lease by Authority.
Section 14-2-27 - Kilby Property - Lease to United States Environmental Protection Agency.
Section 14-2-28 - Facilities - Construction.
Section 14-2-28.1 - Facilities - Determination on Provider of Telephone Service.
Section 14-2-29 - Facilities - Leasing - State or Agency Thereof.
Section 14-2-31 - Special Funds.
Section 14-2-32 - Exemption From Taxation.
Section 14-2-33 - Venue for Actions.
Section 14-2-34 - Dissolution.
Section 14-2-35 - Fees of Secretary of State.
Section 14-2-36 - Exemption From Competitive Bid Laws.