Any funds held as the proceeds of obligations issued by the authority under this article and any funds held by the State Treasurer in the sinking fund provided for the payment of such obligations shall be invested in obligations of the United States of America or in certificates of deposit secured by a deposit of obligations of the United States of America to the full amount of such certificates of deposit, and in investment agreements, repurchase agreements, or other investment arrangements fully collateralized by any of the foregoing, and the interest to be earned on such investment of funds may be pledged by the authority to the payment of the principal of and interest on the obligations issued by the authority under this article.
Structure Code of Alabama
Title 23 - Highways, Roads, Bridges and Ferries.
Article 10 - Federal Aid Highway Finance Authority.
Section 23-1-300 - Purpose and Construction of Article.
Section 23-1-301 - Definitions.
Section 23-1-302 - Incorporation - Authorization.
Section 23-1-303 - Incorporation - Application.
Section 23-1-304 - Incorporation - Certificate.
Section 23-1-305 - Corporation - Generally.
Section 23-1-306 - Corporation - Powers.
Section 23-1-307 - Bonds and Notes - Authorization for Issuance.
Section 23-1-308 - Bonds and Notes - Form, Denominations, Terms, Redemption, Etc.
Section 23-1-309 - Bonds and Notes - Execution.
Section 23-1-310 - Bonds and Notes - Issuance and Sale Generally.
Section 23-1-313 - Bonds and Notes - Disposition of Proceeds From Sale.
Section 23-1-314 - Bonds and Notes - Payment Generally.
Section 23-1-315 - Investment of Funds; Pledge of Interest From Investments.