Securities issued under the provisions of this article are hereby made legal investments for savings banks and insurance companies organized under the laws of the state. Unless otherwise directed by the court having jurisdiction thereof or the document that is the source of authority, a trustee, executor, administrator, guardian or one acting in any other fiduciary capacity may, in addition to any other investment powers conferred by law and with the exercise of reasonable business prudence, invest trust funds in securities of an authority. The governing body of any authorizing subdivision (or any county or municipality in which any health care facilities of an authority may be situated) is authorized, in its discretion, to invest in securities of such authority any idle or surplus money held in its treasury which is not otherwise earmarked or pledged.
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 11 - Health Care Authorities.
Section 22-21-310 - Short Title.
Section 22-21-311 - Definitions.
Section 22-21-312 - Legislative Findings and Intent.
Section 22-21-313 - Application for Incorporation of Authority; Authorizing Resolution.
Section 22-21-314 - Certificate of Incorporation - Filing; Form and Contents; Recordation.
Section 22-21-317 - Officers; Election; Terms; Duties.
Section 22-21-318 - Powers of Authority.
Section 22-21-319 - Extraordinary Power of Authority.
Section 22-21-320 - Securities of Authority.
Section 22-21-321 - Refunding Securities.
Section 22-21-322 - Execution of Securities.
Section 22-21-323 - Source of Payment; Security.
Section 22-21-324 - Use of Proceeds.
Section 22-21-325 - Obligations Not Debt of State, County or Municipality.
Section 22-21-326 - Securities Issued Under Article as Legal Investments.
Section 22-21-327 - Securities and Coupons as Negotiable Instruments.
Section 22-21-328 - Exemption From Usury and Interest Laws.
Section 22-21-329 - Notice of Issuance of Securities; Limitation on Actions to Contest.
Section 22-21-331 - Remedies for Default in Payment of Securities or Performance of Lease Agreement.
Section 22-21-332 - Investment of Funds.
Section 22-21-333 - Exemptions From Taxation.
Section 22-21-334 - Nonapplicability of Ethics Act.
Section 22-21-335 - Nonapplicability of Competitive Bid Laws.
Section 22-21-336 - Transfer of Funds and Assets to Authority.
Section 22-21-337 - Disposition of Earnings of Authority.
Section 22-21-339 - Dissolution of Authority.
Section 22-21-340 - Multiple Corporations Permitted.
Section 22-21-341 - Reincorporation of Existing Corporations.
Section 22-21-342 - Provisions of Article Exclusive.