Ala. Code § 45-57A-62.08: Money Investment.

The board may invest money held in the fund, or such portion of it as may be safely withdrawn for the purpose, in interest bearing bonds, warrants, or other obligations of the United States of America, of the State of Alabama, or of the city, any FDIC insured bank, or any savings and loan association insured by FSLIC. Income from investments shall become part of the fund. Securities belonging to the fund shall be held by the treasurer of the fund subject to the management and control of the board.