Alabama § 23-1-312 Bonds and Notes - Exemption from Taxation; Use as Security for Deposits; Eligibility as Investment for Fiduciary Funds

Alabama Statutes

§ 23-1-312 — Bonds and Notes - Exemption from Taxation; Use as Security for Deposits; Eligibility as Investment for Fiduciary Funds

Alabama § 23-1-312

Title 23Highways, Roads, Bridges and Ferries

Ch. 1Alabama Highways

Art. 10Federal Aid Highway Finance Authority

This text of Alabama § 23-1-312 (Bonds and Notes - Exemption from Taxation; Use as Security for Deposits; Eligibility as Investment for Fiduciary Funds) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 23-1-312 (2026).

Text

(a)Any obligations authorized by this article and the income therefrom shall be exempt from all taxation in the state.

(b)Any of the obligations authorized by this article 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 by law.

(c)Unless otherwise directed by the court having jurisdiction thereof or by the document that is the source of power, a trustee, executor, administrator, guardian or one acting in any other fiduciary capacity may, in addition to any other investment powers conferred by law and with the exercise of reasonable business prudence, invest fiduciary funds in any of the obligations authorized by this article.

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(a) Any obligations authorized by this article and the income therefrom shall be exempt from all taxation in the state.
(b) Any of the obligations authorized by this article 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 by law.
(c) Unless otherwise directed by the court having jurisdiction thereof or by the document that is the source of power, a trustee, executor, administrator, guardian or one acting in any other fiduciary capacity may, in addition to any other investment powers conferred by law and with the exercise of reasonable business prudence, invest fiduciary funds in any of the obligations authorized by this article.