Section 23-1-315 Investment of proceeds from sale of bonds and notes and funds in sinking fund; pledge of interest from investments. - Alabama Statutes

Section 23-1-315

Investment of proceeds from sale of bonds and notes and funds in sinking fund; pledge of interest from investments.

Any funds held as the proceeds of obligations issued by the authority under this article and any funds held by the State Treasurer in the sinking fund provided for the payment of such obligations shall be invested in obligations of the United States of America or in certificates of deposit secured by a deposit of obligations of the United States of America to the full amount of such certificates of deposit, and the interest to be earned on such investment of funds may be pledged by the authority to the payment of the principal of and interest on the obligations issued by the authority under this article.

(Acts 1976, No. 565, p. 764, §16.)