§ 892-X-1-.10. Exempt Public Deposits
(1) Federal law as well as Alabama law requires Alabama public housing agencies to conduct cash-management operations, including the collateralizing of public deposits, strictly in accordance with HUD regulations.
(2) To the extent that these controlling laws and regulations supersede SAFE Law, public funds deposited by Alabama public housing agencies in QPDs are exempt from reporting and collateralizing requirements under the SAFE Program.
(3) Deposits of HUD monies other than the housing monies referenced above would continue to be subject to the SAFE Program.(New Rule: Filed January 23, 2004; effective February 27, 2004. Amended: Filed August 20, 2008; effective September 24, 2008.)
Author: Mickey Daughtry, SAFE Division, Office of State Treasurer
Authority:42 U.S.C. Section 1437d(a) and 1437h(c); 24 C.F.R. 85.20; Code of Ala. 1975, as amended, §§ 24-1-27(a)(8), 24-1-66(a)(8), 24-1-109, 24-1-34, 24-1-73, 24-1-113 (2000 Repl. Vol).
Disclaimer: Although Lawrina works hard to ensure the information on this page is accurate and timely, we take no responsibility for deviations from the official text. Section 892-X-1-.10 Exempt Public Deposits may have been updated since our last review. Please refer to official resources for the most accurate information.