State Codes and Statutes
Statutes > Alabama > Title41 > Chapter14 > 41-14-30Section 41-14-30
Deposit of funds in qualified public depositories; investment in certain bonds, etc.
The State Treasurer may deposit the money of the state in any bank or savings association that is a qualified public depository under Chapter 14A of this title and that has been designated as a state depositary according to law, so long as said bank or savings association agrees to pay interest on a portion of said money as provided in this article. The State Treasurer may invest so much of said funds as he or she may deem appropriate, but not in excess of 20% of total state moneys, in bonds, notes or treasury bills of the United States or in obligations of any agency or instrumentality of the United States of America, including but not limited to the Federal Land Bank, Federal Home Loan Bank, Federal National Mortgage Association, Federal Intermediate Credit Bank, banks for cooperatives, Resolution Trust Corporation, or any of its other agencies, or in any other obligations guaranteed as to principal and interest by the United States, or in money market mutual funds which invest solely in securities otherwise authorized in this section. Funds may also be invested in such obligations of the United States or its agencies under a repurchase agreement for a shorter time than the maturity date of the security itself.
(Acts 1967, No. 3, p. 336, §1; Acts 1977, 1st Ex. Sess., No. 45, p. 1460; Acts 1992, No. 92-169, p. 279, §1; Act 2000-748, p. 1669, §2.)