The authority may by resolution provide that all moneys deposited by it shall be secured by obligations of the United States or of the State of Alabama of a market value equal at all times to the amount of such deposits, by any securities in which savings banks may legally invest funds within their control or by an undertaking with such sureties as shall be approved by the authority faithfully to keep and pay over upon the order of the authority any such deposits and agreed interest thereon. All banks and trust companies are authorized to give any such security for such deposits.
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.