(a) The funds shall be held in perpetual trust and shall not be appropriated by the Legislature or expended or disbursed for any purpose other than as provided in this article. The board may expend the fund’s earnings and principal in furtherance of its purposes.
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Terms Used In Alabama Code 41-10-47.06

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(b)

(1) To the extent practicable, the board shall keep all monies at any time held in the fund invested in eligible investments, in its sole judgment, as shall produce the greatest trust income over the term of the investments while preserving capital.
(2) The board may select the eligible investments in which monies held in the fund shall at any time be invested.
(3) The board may invest the fund capital in any eligible investments producing trust income in accordance with the schedule as the board, in its sole judgment, determines to be in the best interests of the state. In determining the schedule, the board may emphasize future benefits in preference to near-term needs. A board member shall not be responsible for the adequacy of the fund to satisfy and discharge any obligation of the corporation.
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