Prior to the completion of all public health facilities described in Section 22-3A-19, any portion of the principal proceeds derived from the sale of the bonds which the board of directors may determine is not then needed for any of the purposes for which the bonds are authorized to be issued shall, on order of the authority, be invested by the State Treasurer in permitted investments which mature at such time or times as the authority shall direct. At any time and from time to time on order of the authority, any such investments may be sold or otherwise converted by the State Treasurer into cash. The income derived from any such investments shall be applied first for the payment of the costs of providing the public health facilities described in Section 22-3A-19 and, to the extent not needed for such purpose, such income may be disbursed on order of the authority for any purpose for which the authority may lawfully expend its funds.
Structure Code of Alabama
Title 22 - Health, Mental Health, and Environmental Control.
Title 1 - Health and Environmental Control Generally.
Chapter 3A - Alabama Public Health Finance Authority.
Section 22-3A-1 - Legislative Findings and Declarations.
Section 22-3A-2 - Definitions.
Section 22-3A-3 - Creation of Corporation; Members.
Section 22-3A-4 - Application.
Section 22-3A-5 - Certificate of Incorporation.
Section 22-3A-6 - Members; Officers; Terms; Records; Meetings; Appointment of Governor's Designee.
Section 22-3A-7 - Powers of Authority.
Section 22-3A-8 - Issuance of Bonds.
Section 22-3A-9 - Form of Bonds; Redemption Option.
Section 22-3A-10 - Authentication of Bonds.
Section 22-3A-11 - Sale of Bonds.
Section 22-3A-12 - Nature of Bonds.
Section 22-3A-13 - Tax Exemption; Use of Bonds as Security; Investment in Bonds.
Section 22-3A-14 - Refunding Bonds.
Section 22-3A-16 - Appropriation Made; Debt Service Reserve Fund Established.
Section 22-3A-17 - Obligations, etc., as Obligations of Authority and Not State.
Section 22-3A-18 - Investment of Proceeds From Bond Sale; When Authorized; Application of Income.
Section 22-3A-20 - Authority as Nonprofit Corporation.
Section 22-3A-21 - Dissolution of Authority.
Section 22-3A-22 - Payment by State Treasurer Authorized; Records.
Section 22-3A-23 - Approval of Allocations Other Than Those in Section 22-3a- 19(a) to Be Unanimous.
Section 22-3A-24 - Payments and Investment Agreements to Ensure Federal Tax Exemption.