Alabama 2024 Regular Session

Alabama House Bill HB444 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	~~HB444ENROLLED~~
	1	+	HB444INTRODUCED
2	2		Page 0
3	3		HB444
4		-	36SRVZZ-2
	4	+	36SRVZZ-1
5	5		By Representative Paramore (N & P)
6	6		RFD: Local Legislation
7	7		First Read: 11-Apr-24
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12		-	5 ~~HB444 Enrolled~~
	12	+	5 36SRVZZ-1 02/22/2024 THR (L)THR 2024-685
13	13		Page 1
14	14		First Read: 11-Apr-24
15		-	Enrolled, An Act,
	15	+	A BILL
	16	+	TO BE ENTITLED
	17	+	AN ACT
16	18		Related to the City of Troy in Pike County; to amend
17	19		Sections 2 through 4 of Act 1996-459, 1996 Regular Session
18	20		(Acts 1996, p. 574); to further provide for the City of Troy
19	21		Investment Trust Fund.
20	22		BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
21	23		Section 1. Sections 2 through 4 of Act 1996-459, 1996
22	24		Regular Session (Acts 1996, p. 574), are amended to read as
23	25		follows:
24	26		"(a) For the purposes of this section, the following
25	27		terms have the following meanings:
26	28		(1) AUTHORIZED REPRESENTATIVE. Either of the following:
27	29		a. The Mayor of the City of Troy.
28	30		b. Any other officer of the city designated as an
29	31		authorized representative by the council.
30	32		(2) CITY. The City of Troy.
31	33		(3) COUNCIL. The governing body of the city.
32	34		(4) FUND. The City of Troy Investment Trust Fund
33	35		established by this section.
34	36		(5) PERMITTED INVESTMENT. Any of the following:
35	37		a. United States Securities.
36		-	b. Investments secured by an agency of the United
37		-	States.
38		-	c. Any other investment into which municipal funds may
39		-	be invested under Section 11-81-21, Code of Alabama 1975, or
40		-	any other law of this state, including, without limitation,
41		-	obligations into which sinking funds may be invested.
42		-	(6) TRUSTEE. The trustee of the fund.
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70		-	28 HB444 ~~Enrolled~~
	65	+	28 HB444 INTRODUCED
71	66		Page 2
	67	+	a. United States Securities.
	68	+	b. Investments secured by an agency of the United
	69	+	States.
	70	+	c. Any other investment into which municipal funds may
	71	+	be invested under Section 11-81-21, Code of Alabama 1975, or
	72	+	any other law of this state, including, without limitation,
	73	+	obligations into which sinking funds may be invested.
72	74		(6) TRUSTEE. The trustee of the fund.
73	75		Section 2.(b) There is hereby established an Investment
74	76		Trust Fund called the "City of Troy Investment Trust Fund. " On
75	77		the effective date of this act May 15, 1996, there shall be
76	78		transferred into the fund the moneys monies then held in the
77	79		City of Troy Investment Fund established by Ordinance No. 123
78	80		adopted by the City Council of the City of Troy council on
79	81		October 2, 1995, and holding certain proceeds derived by the
80	82		city from the sale of Edge Regional Medical Center. At the
81	83		discretion of the City Council of the City of Troy council, the
82	84		fund established by this act shall also, from time to time,
83	85		receive money from other sources which , when received, will
84	86		become part of the trust corpus and become subject to the
85	87		terms of this actsection.
86	88		Section 3.(c)(1) The fund established by this act shall
87	89		be invested only in United States Securities, or in
88	90		investments secured by an agency of the United States
89	91		Government, in accordance with state and federal law permitted
90	92		investments.
91	93		(2) The trustee shall invest or reinvest the monies in
92	94		the fund in permitted investments.
93	95		(3) The trustee, at the written direction of an
94		-	authorized representative, shall invest or reinvest monies
95		-	from the fund in specified permitted investments.
96		-	(4) Each fiscal year, 90 percent of the income received
97		-	from the fund shall be paid from the fund to the City of Troy
98		-	General Fund.
99		-	(5) Each fiscal year, 10 percent of the income received
100		-	by the fund shall be retained in the fund and shall become a
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128		-	56 HB444 ~~Enrolled~~
	123	+	56 HB444 INTRODUCED
129	124		Page 3
	125	+	(3) The trustee, at the written direction of an
	126	+	authorized representative, shall invest or reinvest monies
	127	+	from the fund in specified permitted investments.
	128	+	(4) Each fiscal year, 90 percent of the income received
	129	+	from the fund shall be paid from the fund to the City of Troy
	130	+	General Fund.
	131	+	(5) Each fiscal year, 10 percent of the income received
130	132		by the fund shall be retained in the fund and shall become a
131	133		part of the corpus of the fund.
132	134		(6) Only 90 percent of the income of the fund shall be
133	135		spent, obligated, or used for any lawful purpose, unless
134	136		approved by a vote of two-thirds of the qualified electors in
135	137		the City of Troy city who cast a vote in an election in which
136	138		such the question appears on the ballot.
137	139		(7) If approved by a vote of two-thirds of the
138	140		qualified electors in the City of Troy city who cast a vote in
139	141		an election in which such the question appears on the ballot,
140	142		any portion of the fund (principal and earnings) may be used,
141	143		spent, or obligated for lawful purposes.
142	144		Section 4.(d) The City of Troy city shall be reimbursed
143	145		for all future costs or expenses incurred by the City of Troy
144	146		which are city related to or which arise arising from the
145	147		operation or the sale of Edge Regional Medical Center,
146	148		reimbursement to be made by payment from the retained income
147	149		or, the corpus of the fund, or a combination thereof."
148	150		Section 2. This act shall become effective on October
149	151		1, 2024.
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168		-	75 HB444 Enrolled
169		-	Page 4
170		-	1, 2024.
171		-	________________________________________________
172		-	Speaker of the House of Representatives
173		-	________________________________________________
174		-	President and Presiding Officer of the Senate
175		-	House of Representatives
176		-	I hereby certify that the within Act originated in and
177		-	was passed by the House 18-Apr-24.
178		-	John Treadwell
179		-	Clerk
180		-	Senate 08-May-24 Passed
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