Section 45-8A-22.66 Reports.
Section 45-8A-22.66
Investment of fund for revenue purposes.
(a) The retirement board, at any time after considering the probable demands upon the funds in the near future, may determine what portion thereof may be withdrawn safely for investment for revenue purposes. Having determined what portion thereof shall be withdrawn for the aforementioned purposes, the retirement board shall determine in what manner the investment shall be made, and all proceedings of the retirement board relating thereto shall be entered at length upon its records.
(b) The retirement board shall be authorized to invest in the following investments guaranteed by the United States government or any of its instrumentalities:
(1) Interest bearing bonds of the United States of America, or the State of Alabama.
(2) Any bonds lawfully issued by the City of Anniston, Alabama, but not to exceed five percent of the Retirement Fund at any time.
(3) Any bond, stock, security, investment, or deposit.
(c) Additionally, the retirement board may invest up to 50 percent of the fund in the following that may or may not be guaranteed by the United States government or any of its instrumentalities:
(1) Common or preferred stocks or mutual funds traded on any major U.S. stock exchange or through the NASDAQ system and global market.
(2) U.S. government or agency issued bonds.
(3) Corporate bonds rated A or better at time of purchase.
(4) Commercial paper rated A1 - P1.
(d) At no time shall less than 50 percent of the fund be invested in fixed income investments, whether guaranteed by the United States government or any of its instrumentalities or otherwise.
(Act 2002-298, p. 815, §7; Act 2002-304, p. 841, §7.)