HB444ENROLLED
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HB444
36SRVZZ-2
By Representative Paramore (N & P)
RFD: Local Legislation
First Read: 11-Apr-24
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First Read: 11-Apr-24
Enrolled, An Act,
Related to the City of Troy in Pike County; to amend
Sections 2 through 4 of Act 1996-459, 1996 Regular Session
(Acts 1996, p. 574); to further provide for the City of Troy
Investment Trust Fund.
BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
Section 1. Sections 2 through 4 of Act 1996-459, 1996
Regular Session (Acts 1996, p. 574), are amended to read as
follows:
"(a) For the purposes of this section, the following
terms have the following meanings:
(1) AUTHORIZED REPRESENTATIVE. Either of the following:
a. The Mayor of the City of Troy.
b. Any other officer of the city designated as an
authorized representative by the council.
(2) CITY. The City of Troy.
(3) COUNCIL. The governing body of the city.
(4) FUND. The City of Troy Investment Trust Fund
established by this section.
(5) PERMITTED INVESTMENT. Any of the following:
a. United States Securities.
b. Investments secured by an agency of the United
States.
c. Any other investment into which municipal funds may
be invested under Section 11-81-21, Code of Alabama 1975, or
any other law of this state, including, without limitation,
obligations into which sinking funds may be invested.
(6) TRUSTEE. The trustee of the fund.
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(6) TRUSTEE. The trustee of the fund.
Section 2.(b) There is hereby established an Investment
Trust Fund called the "City of Troy Investment Trust Fund. " On
the effective date of this act May 15, 1996, there shall be
transferred into the fund the moneys monies then held in the
City of Troy Investment Fund established by Ordinance No. 123
adopted by the City Council of the City of Troy council on
October 2, 1995, and holding certain proceeds derived by the
city from the sale of Edge Regional Medical Center. At the
discretion of the City Council of the City of Troy council, the
fund established by this act shall also, from time to time,
receive money from other sources which , when received, will
become part of the trust corpus and become subject to the
terms of this actsection.
Section 3.(c)(1) The fund established by this act shall
be invested only in United States Securities, or in
investments secured by an agency of the United States
Government, in accordance with state and federal law permitted
investments.
(2) The trustee shall invest or reinvest the monies in
the fund in permitted investments.
(3) The trustee, at the written direction of an
authorized representative, shall invest or reinvest monies
from the fund in specified permitted investments.
(4) Each fiscal year, 90 percent of the income received
from the fund shall be paid from the fund to the City of Troy
General Fund.
(5) Each fiscal year, 10 percent of the income received
by the fund shall be retained in the fund and shall become a
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by the fund shall be retained in the fund and shall become a
part of the corpus of the fund.
(6) Only 90 percent of the income of the fund shall be
spent, obligated, or used for any lawful purpose, unless
approved by a vote of two-thirds of the qualified electors in
the City of Troy city who cast a vote in an election in which
such the question appears on the ballot.
(7) If approved by a vote of two-thirds of the
qualified electors in the City of Troy city who cast a vote in
an election in which such the question appears on the ballot,
any portion of the fund (principal and earnings) may be used,
spent, or obligated for lawful purposes.
Section 4.(d) The City of Troy city shall be reimbursed
for all future costs or expenses incurred by the City of Troy
which are city related to or which arise arising from the
operation or the sale of Edge Regional Medical Center,
reimbursement to be made by payment from the retained income
or, the corpus of the fund, or a combination thereof."
Section 2. This act shall become effective on October
1, 2024.
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1, 2024.
________________________________________________
Speaker of the House of Representatives
________________________________________________
President and Presiding Officer of the Senate
House of Representatives
I hereby certify that the within Act originated in and
was passed by the House 18-Apr-24.
John Treadwell
Clerk
Senate 08-May-24 Passed
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