§ 9-14F-11 — Bonds-Alabama State Parks Enhancement Fund

Alabama § 9-14F-11

• Jurisdiction: Alabama
• Title 9: Conservation and Natural Resources
• Ch. 14F: Alabama State Parks and Historical Facilities

Text

The proceeds derived from the sale of each series of the bonds issued pursuant to this chapter by the authority, other than refunding bonds, shall be paid into the State Treasury upon receipt thereof, and the State Treasurer shall keep such proceeds, as well as all income received from the investment and reinvestment of the proceeds, including income derived from the investment and reinvestment of previously derived income, in a special fund in the State Treasury, designated the Alabama State Parks Enhancement Fund, pending the expenditure of the proceeds and income for the purposes authorized and as required by the amendment and this chapter. All proceeds deposited in the State Treasury shall be continuously invested by the State Treasurer in Permitted Investments, and as and when income from the investment of such proceeds is received, the income shall be kept continuously invested in the same manner as the proceeds. The State Treasurer, on the advice of the officers of the authority, acting on projections of expenditures provided by the Director of Finance, shall keep all such proceeds, together with the income derived from the investment and reinvestment thereof, invested in investments that shall mature or otherwise be subject to liquidation on such terms as will provide cash when required for the purposes for which bonds may be issued pursuant to this chapter.

Legislative History

(Act 2021-409, §11.)