The governing body of any county or municipality 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 1977, No. 331, p. 433, §18.)
Investment of County or Municipal Funds in Bonds
Ala. Code § 4-3-57, under Alternate Procedure for Incorporation.
Ala. Code § 4-3-57