§ 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.

HISTORY: An. Code 1957, art. 83A, § 5-1709(a), (b); 2008, ch. 306, § 2.