(a) The State Treasurer is authorized and empowered, in his or her discretion, with the written approval of the Governor, to invest funds held in the State Treasury in direct obligation of the United States of America and in direct obligations backed by the full faith and credit of the State of Israel whenever and to the extent that the amount of any such funds exceeds the amount which the State Treasurer finds, with the written approval of the Governor, cannot be applied either immediately or within a short time to any purpose for which such funds are held.
(b) For the purpose of making investments under the provisions of this section, the State Treasurer, with the written approval of the Governor, is authorized to make purchases and sales of direct obligations of the United States of America and the State of Israel, and the State Treasurer shall be the custodian thereof.
(c) All direct obligations of the United States of America and the State of Israel in which any such funds are invested pursuant to the provisions of this section shall be registered in the name of the State Treasurer of Alabama in trust for such fund to which such investments belong, and all such direct obligations and any interest or other earnings thereon shall be held by the State Treasurer in the State Treasury in the fund in which the funds so invested were held prior to the investment thereof as herein authorized.
(d) All earnings and income from the investments under the provisions of this section, unless otherwise provided, are hereby appropriated to and made a part of the fund from which the investment is made.
Structure Code of Alabama
Title 36 - Public Officers and Employees.
Section 36-17-2 - Jurisdiction of Action Upon Treasurer's Bond.
Section 36-17-3 - Duties Generally.
Section 36-17-4 - Chief Clerk and Other Assistants.
Section 36-17-4.1 - Additional Employee.
Section 36-17-5 - Officers and Employees Subject to Merit System.
Section 36-17-6 - Settlement of Accounts and Delivery of Books, etc., on Removal or Resignation.
Section 36-17-8 - Procedure for Drawing Money for Payment of Interest.
Section 36-17-10 - Payment of Interest.
Section 36-17-11 - When Treasurer Not Liable for Loss in Providing for Payment of Interest.
Section 36-17-12 - Custodian of State Bonds, etc., Redeemed; Registry of Paid Bonds.
Section 36-17-14 - Issuance of Duplicates of Lost or Destroyed Registered State Bonds.
Section 36-17-15 - Conversion of Coupon Bonds Into Registered Bonds and Vice Versa.
Section 36-17-16 - Destruction of Cancelled State Warrants and Journals Relating Thereto.
Section 36-17-17 - Special Trustee of State Sinking Funds.
Section 36-17-19 - Bonds, etc., to Be Deposited With Treasurer and Payments Made to Treasurer.