The governing body is authorized, in its discretion, to invest in bonds of the authority any idle or surplus money held in the treasury of the municipality which is not otherwise earmarked or pledged.
Ala. Code § 22-21-147
Bonds - Legal Investment - Municipal Funds.
(Acts 1961, No. 109, p. 134, §22.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.