Alabama § 41-10-367 Investment of Surplus Proceeds from Sale of Bonds; Disbursement of Income Derived from Such Investments

Alabama Statutes

§ 41-10-367 — Investment of Surplus Proceeds from Sale of Bonds; Disbursement of Income Derived from Such Investments

Alabama § 41-10-367

Title 41State Government

Ch. 10Authorities

Art. 11Alabama Mental Health Finance Authority

This text of Alabama § 41-10-367 (Investment of Surplus Proceeds from Sale of Bonds; Disbursement of Income Derived from Such Investments) 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 § 41-10-367 (2026).

Text

Any portion of the principal proceeds derived from the sale of the bonds which the board of directors may determine is not then needed for any of the purposes for which the bonds are authorized to be issued shall, on order of the authority, be invested by the State Treasurer in permitted investments which mature at such time or times as the authority shall direct. Any such investments may, at any time and from time to time on order of the authority, be sold or otherwise converted by the State Treasurer into cash. The income derived from any such investments shall be disbursed on order of the authority for any purpose for which it may lawfully expend funds.

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

Any portion of the principal proceeds derived from the sale of the bonds which the board of directors may determine is not then needed for any of the purposes for which the bonds are authorized to be issued shall, on order of the authority, be invested by the State Treasurer in permitted investments which mature at such time or times as the authority shall direct. Any such investments may, at any time and from time to time on order of the authority, be sold or otherwise converted by the State Treasurer into cash. The income derived from any such investments shall be disbursed on order of the authority for any purpose for which it may lawfully expend funds.