2017 Code of Alabama
Title 23 - HIGHWAYS, ROADS, BRIDGES AND FERRIES.
Chapter 7 - ALABAMA TRANSPORTATION INFRASTRUCTURE BANK ACT.
Section 23-7-7 - Administration of bank.
(a) Earnings on balances in the federal highway account, as created by this chapter, must be credited and invested according to federal law. The bank may establish accounts and subaccounts within the state highway account and the federal highway account as considered desirable to effectuate the purposes of this chapter, or to meet the requirements of any state or federal programs. All accounts shall be held in trust by the State Treasurer.
(b) For necessary and convenient administration of the bank, the board shall direct the State Treasurer to establish federal and state accounts and subaccounts within the bank necessary to meet any applicable federal law requirements or as the bank shall determine necessary or desirable in order to implement this chapter.
(c) The bank shall comply with all applicable federal laws and regulations prohibiting the commingling of certain federal funds deposited in the bank.
(Act 2015-50, §7.)
