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AL HB121
Bill
Status
1/13/2022
Primary Sponsor
Danny Garrett
Click for details
AI Summary
HB121 Summary
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Authorizes municipal and county governments to invest idle funds in commercial paper with the highest credit rating at the time of purchase.
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Authorizes investment of municipal and county funds in banker's acceptances.
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Prohibits investment of municipal and county funds in closed-end management type investment companies.
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Makes technical and nonsubstantive revisions to Section 11-81-21 of the Alabama Code to update language to current style.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Counties and municipalities, investment of certain funds in commercial paper and banker's acceptances, authorized under certain conditions, Sec. 11-81-21 am'd.
Banks and Banking
Last Action
Garrett motion to Indefinitely Postpone adopted Voice Vote
3/9/2022