§ 3-60A-35 — Revenue bonds; investments and bank deposits

A. The local government may provide that proceeds from the sale of revenue bonds and special funds from the revenues of the project shall be invested and reinvested in securities and other investments, whether or not any investment or reinvestment is authorized under any other law of this state, as may be provided in the proceedings under which the bonds are authorized to be issued, including: (1) bonds or other obligations of the United States; (2) bonds or other obligations, the payment of the principal and interest of which is unconditionally guaranteed by the United States; (3) obligations issued or guaranteed as to principal and interest by any agency or person controlled or supervised by and acting as an instrumentality of the United States pursuant to authority granted by the congress of the United States; (4) obligations issued or guaranteed by any state of the United States or any political subdivision of any such state; (5) prime commercial paper; (6) prime finance company paper; (7) bankers' acceptances drawn on and accepted by commercial banks; (8) repurchase agreements fully secured by obligations issued or guaranteed as to principal and interest by the United States or by any person controlled or supervised by and acting as an instrumentality of the United States pursuant to authority granted by the congress of the United States; and (9) certificates of deposit issued by commercial banks. B. The local government may also provide that the proceeds, funds or investments and the revenues payable under the financing agreement shall be received, held and disbursed by one or more banks or trust companies located within or without this state.

Legislative History

Laws 1979, ch. 391, § 35; 2018, ch. 60, § 33.