SB282 Alabama 2012 Session

Updated Feb 27, 2026

Low Interest

Summary

Primary Sponsor: Bryan Taylor
Republican
Session: Regular Session 2012
Title: State funds, investment of, expanding types of investments eligible for state depositories; Sec. 41-14-30 am'd
Summary: The bill broadens Alabama's investment and depository options for state funds, expanding what the State Treasurer can invest in and where funds can be deposited.
What This Bill Does
It lets the State Treasurer deposit state money in more bank products at qualified public depositories, as long as interest is paid. It expands allowed investments to a wider range of U.S. government and agency securities, money market mutual funds that invest in those securities, and repurchase agreements. It also allows investment in high-quality commercial paper and banker's acceptances. These changes collectively broaden the tools available to manage state funds.

Who It Affects
State funds and the State Treasurer, who gain a broader set of investment and depository options
Qualified public depositories (banks and savings associations designated as state depositaries), which may offer a wider array of products and attract state funds

Key Provisions
Section 41-14-30(a): allows deposit of state money in any bank product at qualified public depositories that pays interest
Section 41-14-30(b): permits investment in U.S. government and agency securities, including specified agencies, and in money market mutual funds investing only in authorized securities
Section 41-14-30(c): authorizes investments through repurchase agreements for shorter time than the security's maturity
Section 41-14-30(d): permits investment in high-quality commercial paper and banker's acceptances

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.
Subjects: State Funds