(a) To the extent permitted by the contracts of the authority with the holders of its securities and if not otherwise specifically prohibited by any other provision of this article, the authority may invest any portion of the principal proceeds derived from the sale of any of its securities which is not then needed for any of the purposes for which such securities were authorized to be issued, the moneys held in any special fund created pursuant to any resolution or indenture authorizing or securing any of its securities, and any other moneys of the authority not then needed by it, in any of the following:
(1) Federal securities;
(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, 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 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.