Alabama § 22-3A-13 Tax Exemption; Use of Bonds as Security; Investment in Bonds

Alabama Statutes

§ 22-3A-13 — Tax Exemption; Use of Bonds as Security; Investment in Bonds

Alabama·Title 22 Health, Mental Health, and Environmental Control·Ch. 3A Alabama Public Health Finance Authority

The bonds and the income therefrom shall be exempt from all taxation in the state. Any of the bonds may be used by the holder thereof as security for the deposit of any funds belonging to the state or to any instrumentality or agency of the state in any instance where security for such deposits may be required. Unless otherwise directed by the court having jurisdiction thereof, or by the document that is the source of authority, a trustee, executor, administrator, guardian, or one acting in any other fiduciary capacity may, in addition to any other investment powers conferred and with the exercise of reasonable business prudence, invest trust funds in any of the bonds.

Free access — add to your briefcase to read the full text and ask questions with AI

The bonds and the income therefrom shall be exempt from all taxation in the state. Any of the bonds may be used by the holder thereof as security for the deposit of any funds belonging to the state or to any instrumentality or agency of the state in any instance where security for such deposits may be required. Unless otherwise directed by the court having jurisdiction thereof, or by the document that is the source of authority, a trustee, executor, administrator, guardian, or one acting in any other fiduciary capacity may, in addition to any other investment powers conferred and with the exercise of reasonable business prudence, invest trust funds in any of the bonds.

Alabama § 22-3A-13 (Tax Exemption; Use of Bonds as Security; Investment in Bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.