The bill pertains to the City of Troy in Pike County and proposes amendments to Sections 2 through 4 of Act 1996-459. The amendments include the establishment of definitions for terms such as "Authorized Representative," "City," "Council," "Fund," "Permitted Investment," and "Trustee" related to the City of Troy Investment Trust Fund. The bill specifies the types of investments allowed for the fund, including United States Securities, investments secured by an agency of the United States, and other lawful investments for municipal funds under Alabama law.

The bill also outlines the management and allocation of income from the fund. It mandates that 90 percent of the income received each fiscal year be paid to the City of Troy General Fund, while 10 percent is retained in the fund to become part of the corpus. Additionally, it states that only 90 percent of the fund's income can be spent, obligated, or used for lawful purposes unless two-thirds of the qualified electors in the city approve a different allocation during an election. The bill includes provisions for the use of the fund's principal and earnings, if approved by the voters, and for the reimbursement of the city for costs related to the operation or sale of Edge Regional Medical Center. The act is set to become effective on October 1, 2024.

Statutes affected:
Introduced: 11-81-21
Enrolled: 11-81-21