Section 5-21-2

Legislative purpose.

The legislative purpose and intent of this chapter is to create a plan for emergency interim deposits as herein defined and for linked deposits in this state in which the State Treasurer is authorized to deposit or invest a portion of the state's portfolio of investments with participating lending institutions in relatively low-yielding deposit accounts, certificates of deposit, or other authorized investments, where the institutions have made commitments to make available lower cost loans on the basis of these linked deposits for qualifying private farm and small business borrowers. The further legislative intent is that the lower cost loans will result in a significant contribution to the economic and agricultural growth and development of the state, and will assist in maintaining or improving business and agricultural profitability as well as preserving and creating jobs for Alabama citizens.

(Acts 1988, No. 88-162, p. 256, §2; Acts 1991, No. 91-720, p. 1399, §1; Acts 1993, No. 93-351, p. 540, §1; Acts 1995, No. 95-257, p. 430, §1.)