Section 11-314 - Money of Authority.
§ 11-314. Money of Authority.
(a) Accounts.- The authority may establish any accounts that it requires.
(b) Deposit of money.- The authority shall deposit its money into a State or national bank or a federally insured savings and loan association in the State that has a total paid-in capital of at least $1,000,000.
(c) Depository designees.- The authority may designate the trust department of a State or national bank or of a savings and loan association as a depository to receive securities that the authority owns or acquires.
(d) Allowed investments.- Unless an agreement limits classes of investments, the authority may invest its money in bonds or other obligations of, or guaranteed as to principal and interest by, the United States, a unit of the United States, the State, or a political subdivision of the State.
[An. Code 1957, art. 83A, § 5-1709(a), (b); 2008, ch. 306, § 2.]