(a) Any portion of the principal proceeds derived from the sale of the bonds which the board may determine is not presently needed for any of the purposes for which the bonds are authorized to be issued, and any other moneys of the authority which the board may determine will not be presently needed by the authority may, on order of the board, be invested in:
(1) Any securities that are direct 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;
(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; and
(4) Interest-bearing time deposits and interest-bearing certificates of deposit of any federally-chartered savings and loan association.
(b) Any securities, time deposits or certificates of deposit in which any such investment is made may, at any time and from time to time on order of the board, be sold or otherwise converted into cash. The income derived from any such investments shall be disbursed on order of the board for any purpose for which the authority may lawfully expend funds.
Structure Code of Alabama
Title 22 - Health, Mental Health, and Environmental Control.
Title 1 - Health and Environmental Control Generally.
Chapter 21 - Hospitals and Other Health Care Facilities Generally.
Article 5 - Municipal Hospital Building Authorities.
Section 22-21-130 - Definitions.
Section 22-21-131 - Purpose and Construction of Article.
Section 22-21-132 - Incorporation - Application; Resolution.
Section 22-21-133 - Incorporation - Certificate of Incorporation - Contents; Amendments.
Section 22-21-134 - Incorporation - Certificate of Incorporation - Filing.
Section 22-21-135 - Board of Directors.
Section 22-21-137 - Powers - Generally.
Section 22-21-138 - Powers - Eminent Domain.
Section 22-21-139 - Conveyance of Property by Municipalities.
Section 22-21-140 - Lease Agreements With Municipality.
Section 22-21-141 - Bonds - Revenue.
Section 22-21-142 - Bonds - Refunding.
Section 22-21-143 - Bonds - Execution.
Section 22-21-144 - Bonds - Security.
Section 22-21-145 - Bonds - Recital and Notice of Issuance; Limitation on Actions to Contest.
Section 22-21-146 - Bonds - Legal Investment - Banks, Insurers and Fiduciaries.
Section 22-21-147 - Bonds - Legal Investment - Municipal Funds.
Section 22-21-148 - Bonds - Negotiable Instruments.
Section 22-21-149 - Bonds - Use of Proceeds.
Section 22-21-150 - Bonds - Default.
Section 22-21-151 - Obligations Not Debt of State or Municipality.
Section 22-21-152 - Investment of Funds.
Section 22-21-153 - Taxation Exemption.
Section 22-21-154 - Dissolution.
Section 22-21-155 - Article Cumulative.
Section 22-21-156 - Lease of Hospitals, Buildings or Facilities to Public or Nonprofit Corporations.