Alabama § 45-26-244.39 Creation of Fund

Alabama Statutes

§ 45-26-244.39 — Creation of Fund

Alabama § 45-26-244.39

JurisdictionAlabama

Title 45Local Laws

Ch. 26Elmore County

Art. 24Taxation

Part 5Tax, Sales and Use

Subpart 2Rainy Day Fund

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Bluebook

Ala. Code § 45-26-244.39 (2026).

Text

The Elmore County Commission shall create a Rainy Day Fund into which a minimum of five percent of the tax collected monthly under this subpart shall be placed. The commission shall place the funds into an interest bearing account and both interest and principal shall accumulate without expenditure until the Rainy Day Fund shall reach the amount of one million dollars ($1,000,000). When the fund reaches that amount, the commission may access the funds by giving public notice of the proposed use of the funds for one month, and voting unanimously for the proposal in a regular commission meeting.

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The Elmore County Commission shall create a Rainy Day Fund into which a minimum of five percent of the tax collected monthly under this subpart shall be placed. The commission shall place the funds into an interest bearing account and both interest and principal shall accumulate without expenditure until the Rainy Day Fund shall reach the amount of one million dollars ($1,000,000). When the fund reaches that amount, the commission may access the funds by giving public notice of the proposed use of the funds for one month, and voting unanimously for the proposal in a regular commission meeting.