The governing body of any county, city or town within this state is authorized, in its discretion, to invest in bonds of the authority any idle or surplus money held in its treasury. (Acts 1963, No. 265, p. 696, §17.)
Investment of County, Municipal, Etc., Funds in Bonds
Ala. Code § 4-3-20, under General Provisions.
Ala. Code § 4-3-20