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Section 23-1-312 Bonds And Notes - Exemption From Taxation; Use As Security For Deposits; Eligibility As Investment For Fiduciary Funds.

Section 23-1-312

Bonds and notes - Exemption from taxation; use as security for deposits; eligibility as investment for fiduciary funds.

(a) Any obligations authorized by this article and the income therefrom shall be exempt from all taxation in the state.

(b) Any of the obligations authorized by this article may be used by the holder thereof as security for the deposit of any funds belonging to the state or to any instrumentality or agency of the state in any instance where security for such deposits may be required by law.

(c) Unless otherwise directed by the court having jurisdiction thereof or by the document that is the source of power, a trustee, executor, administrator, guardian or one acting in any other fiduciary capacity may, in addition to any other investment powers conferred by law and with the exercise of reasonable business prudence, invest fiduciary funds in any of the obligations authorized by this article.

(Acts 1976, No. 565, p. 764, §13.)

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Local Government
Alabama
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Kay Ivey
Kay Ivey
April 10, 2017 -
Republican
1-334-242-3935
600 Dexter Ave., Montgomery, AL, 36104

Keywords
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deposit
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funds
highway
security
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fiduciary
deposits