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
Title 22 - Health, Mental Health, and Environmental Control.
Title 1 - Health and Environmental Control Generally.
Chapter 34 - Water Pollution Control Authority.
Section 22-34-1 - Definitions.
Section 22-34-2 - Legislative Intent.
Section 22-34-3 - Revolving Fund Established; Use of Funds; Administration of Fund; Annual Report.
Section 22-34-4 - Water Pollution Control Authority Established; Membership.
Section 22-34-6 - General Powers.
Section 22-34-7 - Authority Authorized to Issue Bonds.
Section 22-34-8 - Sale of Bonds.
Section 22-34-9 - Certificates or Notes in Anticipation of Bonds.
Section 22-34-10 - Refunding Bonds.
Section 22-34-11 - Dedicated Source of Revenue to Repay Moneys; Default; Accounting Standards.
Section 22-34-12 - Investment in Authority Bonds.
Section 22-34-13 - Tax Exempt.
Section 22-34-14 - Exempt From Usury Laws.
Section 22-34-15 - No Proceeding, Notice or Approval Required.