Bonds issued by the corporation under the provisions of this article are hereby made securities in which the state and all political subdivisions of this state, their officers, boards, commissions, departments or other agencies, all banks, bankers, savings banks, trust companies, 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 administrators, executors, guardians, trustees and other fiduciaries and all other persons whatsoever who now are or may hereafter be authorized to invest in bonds or other obligations of the state may properly and legally invest any funds including capital belonging to them or within their control.
The bonds or other securities or obligations are hereby made securities which properly and legally may be deposited with and received by any state or municipal officer or agency of the state for any purpose for which the deposit of bonds or other obligations of the state is now or hereafter may be authorized by law.
Structure Code of Alabama
Title 9 - Conservation and Natural Resources.
Chapter 10 - Water Conservation and Irrigation.
Article 2 - Water Conservation and Irrigation Corporations.
Section 9-10-31 - Certificate of Incorporation - Contents; Execution.
Section 9-10-32 - Certificate of Incorporation - Filing.
Section 9-10-33 - Board of Directors and Officers.
Section 9-10-34 - Powers and Duties Generally.
Section 9-10-37 - Refunding Bonds.
Section 9-10-38 - Security for Bonds.
Section 9-10-40 - Bonds, etc., Not Obligations of State or Counties.
Section 9-10-41 - Bonds, etc., Exempt From Taxation.
Section 9-10-43 - Contracts for Construction Work.
Section 9-10-44 - Projects to Be Maintained in Good Condition.
Section 9-10-45 - Officers of Corporations Not to Be Interested in Contracts, etc.; Penalty.