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 trustee shall invest the fund's monies in permitted investments, and outlines the distribution of income from the fund, stating that 90% will go to the City of Troy General Fund while 10% will be retained as part of the fund's corpus. Additionally, it allows for the use of the fund's principal and earnings for lawful purposes if approved by a two-thirds vote of the city's qualified electors.

The bill also includes several deletions, such as the removal of specific language regarding the establishment of the fund and the City Council's role in managing it. The term "City of Troy" is replaced with "city" in various instances to streamline the language. Furthermore, it establishes that the city will 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 become effective on October 1, 2024.

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