There is hereby created the Security for Alabama Funds Enhancement (SAFE) Program. The SAFE Program shall be administered by the State Treasurer in accordance with the provisions of this chapter and rules, regulations, and guidelines established by the board of directors of the SAFE Program pursuant to Section 41-14A-6. The facilities and resources of the State Treasurer's office shall be used and employed in the administration of the SAFE Program including the keeping of records and the management of funds and accounts.
In addition to all other powers and responsibilities assigned or undertaken by the State Treasurer under this chapter, the State Treasurer shall be authorized to undertake such powers and responsibilities as shall be delegated to the State Treasurer by the Board of Directors of the SAFE Program.
The Loss Payment Fund, the Program Administration Fund, the Program Enforcement Fund, and any other funds and accounts maintained by the State Treasurer pursuant to this chapter, and all interest and earnings from the investment thereof, shall be exempt from all taxation by the state and by all of its political subdivisions.
Structure Code of Alabama
Chapter 14A - Security for Public Deposits.
Section 41-14A-1 - Short Title.
Section 41-14A-2 - Definitions.
Section 41-14A-3 - Public Deposits to Be Secured; Exemptions.
Section 41-14A-5 - Collateral for Public Deposits; General Provisions.
Section 41-14A-8 - Contingent Liability.
Section 41-14A-9 - Procedures for Payment of Losses.
Section 41-14A-10 - Safe Loss Payment Fund.
Section 41-14A-11 - Liability of Public Depositors and the State.
Section 41-14A-12 - Disposition of Funds.
Section 41-14A-13 - Establishment of Program Enforcement Fund.