§219.03 | INVESTMENT OF CAPITAL AND INCOME FROM ALABAMA HERITAGE TRUST FUND OR ALABAMA TRUST FUND
Any other provision of this Constitution to the contrary notwithstanding, trust capital and trust income held in either the Alabama heritage trust fund or the Alabama trust fund may be invested in such kinds of investments and in accordance with such conditions as shall from time to time be authorized by law for the investment of any of the trust funds of either the teachers' retirement system of Alabama or the employees' retirement system of Alabama; provided, however, that if any restrictive conditions at any time made applicable by law to either the teachers' retirement system of Alabama or the employees' retirement system of Alabama should prohibit investments that would otherwise be permitted for the Alabama trust fund by Amendment No. 450 to the Constitution of Alabama of 1901 [§ 219.02], then, notwithstanding the restrictive conditions applicable to said retirement systems, the investments permitted by said Amendment No. 450 [§ 219.02] shall be permitted for trust capital and trust income held in either the Alabama heritage trust fund or the Alabama trust fund; and provided further, that for purposes of implementing the preceding proviso with respect to the investment of funds held in the Alabama heritage trust fund, any provision of said Amendment No. 450 [§ 219.02] which refers to the whole or any percentage of the trust capital of the Alabama trust fund in connection with the investment thereof shall be deemed to refer to the trust capital of the Alabama heritage trust fund.
Any provision of this Constitution to the contrary notwithstanding, any capital gains realized from the sale of any investments forming a part of either the Alabama heritage trust fund or the Alabama trust fund shall become a part of the trust capital of the fund in which such investments were held and shall be subject to all restrictions applicable to the preservation of such trust capital.
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