The bill amends Sections 2 through 4 of Act 1996-459, which pertains to the City of Troy Investment Trust Fund. Key insertions include definitions for terms such as "AUTHORIZED REPRESENTATIVE," "CITY," "COUNCIL," "FUND," "PERMITTED INVESTMENT," and "TRUSTEE," which clarify the roles and responsibilities associated with the fund. The bill also specifies that the fund can only be invested in "permitted investments," which include U.S. Securities and other municipal fund investments as defined by state law. Additionally, it establishes that 90% of the income generated from the fund will be allocated to the City of Troy General Fund, while 10% will be retained to increase the fund's corpus.

The bill removes outdated language regarding the establishment of the fund and the transfer of existing funds from the previous City of Troy Investment Fund. It also modifies the conditions under which the fund's income can be spent, requiring a two-thirds majority vote from qualified electors in the city for any expenditure beyond the 90% limit. Furthermore, it mandates that the city be reimbursed for costs related to the operation or sale of Edge Regional Medical Center from the fund's retained income or corpus. The act is set to take effect on October 1, 2024.

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