Code of Alabama - Title 41: State Government - Chapter 14A - Security for Public Deposits

• Section 41-14A-1 Short title
  This chapter may be cited as the "Security for Alabama Funds Enhancement Act."
• Section 41-14A-2 Definitions
  As used in this chapter, the following words and terms shall have the following meanings: (1) AVERAGE MONTHLY BALANCE OF PUBLIC DEPOSITS. The sum of...
• Section 41-14A-3 Public deposits to be secured; exemptions
  (a) On and after January 1, 2001: (1) All public deposits of all covered public entities and covered public officials shall be governed by this...
• Section 41-14A-4 Establishment of Security for Alabama Funds Enhancement Program; powers and duties of the State Treasurer relating to the program; tax exemption for funds maintained by State Treasurer pursuant to chapter
  There is hereby created the Security for Alabama Funds Enhancement (SAFE) Program. The SAFE Program shall be administered by the State Treasurer in accordance with...
• Section 41-14A-5 Collateral for public deposits; general provisions
  (a) Every qualified public depository shall maintain on deposit with a custodian, to be held subject to the order of the State Treasurer or the...
• Section 41-14A-6 Establishment of SAFE board of directors; powers and duties of the board of directors
  (a) There is hereby established a Board of Directors of the SAFE Program charged with responsibility and authority to assess and manage the sufficiency of...
• Section 41-14A-7 Disciplinary actions against qualified public depositories for violations of this chapter
  (a) The board of directors shall have the authority to establish by rule or regulation conditions and procedures under which qualified public depositories may be...
• Section 41-14A-8 Contingent liability
  Every qualified public depository that is solvent shall guarantee public depositors against loss caused by the default or insolvency of other qualified public depositories according...
• Section 41-14A-9 Procedures for payment of losses
  (a) When the State Treasurer becomes aware that a default or insolvency has occurred, the State Treasurer shall provide notice as required in subsection (b)...
• Section 41-14A-10 SAFE Loss Payment Fund
  (a) In order to facilitate the administration of this chapter, there is created the SAFE Loss Payment Fund, which shall be held and administered by...
• Section 41-14A-11 Liability of public depositors and the state
  (a) When public deposits are made in accordance with this chapter, no public depositor shall be liable for any loss thereof resulting from the default...
• Section 41-14A-12 Disposition of funds
  (a) The amounts in the State Treasury Operations Fund shall be applied and disbursed by the State Treasurer to pay the costs and expenses of...
• Section 41-14A-13 Establishment of Program Enforcement Fund
  There is hereby created a SAFE Program Enforcement Fund, which shall be held and administered by the State Treasurer. There shall be paid into the...
• Section 41-14A-14 Audit by Examiner of Public Accounts
  The SAFE Program shall be audited annually by the Examiners of Public Accounts to ensure that collateral is being maintained to secure public deposits in...

Last modified: May 3, 2021