Code of Alabama - Title 36: Public Officers and Employees - Section 36-17-17 - Special trustee of state sinking funds

Section 36-17-17 - Special trustee of state sinking funds.

Sinking funds are trust funds for the equitable use and benefit of the holders and owners of the state bonds or obligations for the payment of which the sinking funds were created. The Treasurer is special trustee for the care and custody of such sinking funds after they are paid into the State Treasury. It shall be the duty of the Treasurer to take charge of, keep safely and handle the funds coming into said sinking funds.

(Acts 1923, No. 436, p. 585, §1; Code 1923, §844; Acts 1935, No. 311, p. 743, §5; Acts 1939, No. 112, p. 144, §§9, 10; Code 1940, T. 55, §226.)

Last modified: May 3, 2021