Notwithstanding any restrictions on investments contained in any laws of this state, the state and all public officers, municipal corporations, political subdivisions other than county and public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations, and other persons carrying on an insurance business and all executors, administrators, guardians, trustees, and other fiduciaries may legally invest any sinking funds, moneys, or other funds belonging to them or within their control in any bonds or other obligations issued by a housing authority pursuant to this article or issued by any public housing authority or agency in the United States, when such bonds or other obligations are secured by a pledge of annual contributions to be paid by the United States government, or any agency thereof, and the amount of such actual contribution contracted to be paid shall be sufficient to assure the payment by such public housing authority or agency, of both principal and interest on such bonds as the same shall mature, and such bonds and other obligations shall be authorized security for all public deposits, it being the purpose of this section to authorize any persons, firms, corporations, associations, political subdivisions, bodies and officers, public or private, to use any funds owned or controlled by them, including, but not limited to, sinking, insurance, investment, retirement, compensation, pension, and trust funds, held on deposit, for the purchase of any such bonds and funds or other obligations; provided, however, that nothing contained in this section shall be construed as relieving any person, firm, or corporation from any duty of exercising reasonable care in selecting securities.
Structure Code of Alabama
Chapter 1 - Housing Authorities.
Article 2 - Municipal Housing Authorities.
Section 24-1-20 - Short Title.
Section 24-1-21 - Legislative Findings and Declaration of Necessity.
Section 24-1-22 - Definitions.
Section 24-1-26 - Conflicts of Interest of Commissioners or Employees.
Section 24-1-27 - Powers and Duties of Authority.
Section 24-1-28 - Acquisition of Property by Eminent Domain.
Section 24-1-29 - Acquisition, etc., of Property for Government Housing Projects.
Section 24-1-30 - Authority Housing Projects Subject to Local Zoning, Building, etc., Laws.
Section 24-1-33 - Powers of Authority to Secure Payment of Bonds, Etc.
Section 24-1-35 - Mortgages of Authority Property in Connection With Government Financed Projects.
Section 24-1-37 - Remedies of Obligee of Authority Generally.
Section 24-1-38 - Remedies Conferrable Upon Obligees of Authority by Trust Indenture, Mortgage, Etc.
Section 24-1-39 - Remedies Cumulative.
Section 24-1-42 - Security for Funds Deposited by Authorities in Banks and Trust Companies.
Section 24-1-43 - Annual Report and Recommendations of Authority.
Section 24-1-44 - Enforcement of Article and Contracts of Authority.