2016 Code of Alabama
Title 22 - HEALTH, MENTAL HEALTH, AND ENVIRONMENTAL CONTROL.
Title 1 - HEALTH AND ENVIRONMENTAL CONTROL GENERALLY.
Chapter 3A - ALABAMA PUBLIC HEALTH FINANCE AUTHORITY.
Section 22-3A-18 - Investment of proceeds from bond sale; when authorized; application of income.
Prior to the completion of all public health facilities described in Section 22-3A-19, 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. At any time and from time to time on order of the authority, any such investments may be sold or otherwise converted by the State Treasurer into cash. The income derived from any such investments shall be applied first for the payment of the costs of providing the public health facilities described in Section 22-3A-19 and, to the extent not needed for such purpose, such income may be disbursed on order of the authority for any purpose for which the authority may lawfully expend its funds.
(Acts 1990, No. 90-598, §18.)Disclaimer: These codes may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
