The State Treasurer may invest any idle or surplus moneys of the state in bonds of the authority. The governing body of any county or municipality is authorized in its discretion to invest any idle or surplus money held in its treasury in bonds of the authority. Such bonds shall be legal investments for executors, administrators, trustees, and other fiduciaries, unless otherwise directed by the court having jurisdiction of the fiduciary relation or by the document that is the source of the fiduciary's authority, and for savings banks and insurance companies organized under the laws of the state.
Structure Code of Alabama
Chapter 65 - Alabama Higher Education Equipment Loan Authority.
Section 16-65-1 - Short Title.
Section 16-65-2 - Legislative Intent.
Section 16-65-3 - Definitions.
Section 16-65-4 - Creation of Authority; Members, Organization, Etc.
Section 16-65-5 - Powers of Authority.
Section 16-65-6 - Bonds Generally.
Section 16-65-7 - Proceeds From the Sale of Bonds, Revenues, and Other Funds.
Section 16-65-8 - Dedicated Source of Revenue as Security for the Repayment of Equipment Loans.
Section 16-65-9 - Refunding Bonds.
Section 16-65-10 - Investment in Bonds.
Section 16-65-11 - Exemptions From Taxation, Fees, and Costs.
Section 16-65-12 - Venue and Jurisdiction.
Section 16-65-13 - Interest of Bondholders Protected; Enforceability.