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. Any such investments may, at any time and from time to time on order of the authority, be sold or otherwise converted by the State Treasurer into cash. The income derived from any such investments shall be disbursed on order of the authority for any purpose for which it may lawfully expend funds.
Structure Code of Alabama
Article 11 - Alabama Mental Health Finance Authority.
Section 41-10-350 - Legislative Findings and Purpose.
Section 41-10-351 - Definitions.
Section 41-10-352 - Authority for Incorporation of Alabama Mental Health Finance Authority; Members.
Section 41-10-353 - Application for Authority to Incorporate.
Section 41-10-354 - Certificate of Incorporation; No Fee or Compensation to Secretary of State.
Section 41-10-356 - Powers of Authority.
Section 41-10-357 - Authorization to Issue Bonds; Limitation on Use of Proceeds.
Section 41-10-359 - Execution and Delivery of Bonds; Designation of Bonds for Community Facilities.
Section 41-10-363 - Refunding Bonds; Proceeds of Sale of Refunding Bonds.
Section 41-10-365 - Sinking Fund for Payment of Principal and Interest on Bonds of Authority.
Section 41-10-366 - Contracts, etc., Do Not Create Obligations of State.
Section 41-10-368 - Authority Is Nonprofit Corporation.
Section 41-10-369 - Dissolution of Authority; Disposition of Property Upon Dissolution of Authority.