Alabama Code > Title 22 > Subtitle 2 > Chapter 50 > Article 2 – Personnel Policies and Salary Schedules


§ 22-50-40	Authority to establish personnel policies and salary schedules
§ 22-50-41	Personnel policies – Inclusion or continuation of positions under Merit System
§ 22-50-42	Personnel policies – Continuation of positions not under Merit System
§ 22-50-43	Conflicting provisions of Section 22-50-11 repealed

Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
following: means next after. See Alabama Code 1-1-1
Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
property: includes both real and personal property. See Alabama Code 1-1-1
state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
Trustee: A person or institution holding and administering property in trust.