§ 35-75-119 — Investment powers of authority

The authority may invest any
money held in reserve, sinking funds, capital reserve funds, or any funds not
required for immediate disbursement in property or in securities in which the state
treasurer may legally invest money subject to the state treasurer's control; sell
from time to time such securities thus purchased and held; and deposit securities in
a trust bank within or without the state. In addition, the authority may invest the
money in unsecured promissory notes of a national bank having the highest
investment ratings. Any money deposited in a banking institution shall be secured in
such manner and subject to such terms and conditions as the board may determine,
with or without payment of interest on such deposit, including, without limitation,
time deposits evidenced by certificates of deposit. A commercial bank incorporated
under the laws of this state that may act as a depository of the money of the
authority may issue indemnifying bonds or may pledge such securities as may be
required by the board.

Legislative History

Source: L. 81: Entire article added, p. 1743, � 1, effective June 19. L. 2025: Entire section amended, (HB 25-1084), ch. 24, p. 146, � 182, effective August 6.