Alabama Statutes
§ 45-37A-411 — Sale of Gas and Water Distribution Systems; Trust Fund
Alabama § 45-37A-411
JurisdictionAlabama
Title 45Local Laws
Ch. 37AJefferson County Municipalities
Art. 41Pleasant Grove
Part 2Utilities
This text of Alabama § 45-37A-411 (Sale of Gas and Water Distribution Systems; Trust Fund) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Ala. Code § 45-37A-411 (2026).
Text
(a)In the event the Utilities Board of the City of Pleasant Grove or the City of Pleasant Grove should receive proceeds from the sale of its gas and water distribution systems, there shall be established an investment fund named Pleasant Grove Gas and Water Systems Sale Investment Fund. This fund shall receive money from other sources in addition to that received from the sale of the gas and water systems.
(b)The trust fund shall be invested in any legal investments authorized by state law, including securities, warrants, bonds, bank accounts, and other investments that have been declared as legal investments for publicly held funds. The interest in the trust fund may be expended or used for any lawful purpose. Up to 10 percent of the principal in the trust fund may be expended each year
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Legislative History
(Act 90-175, p. 196, §1; Act 2018-560, §1.)
Nearby Sections
15
§ 45-1-10
Disclaimer,§ 45-1-100.01
Superintendent of Education§ 45-1-100.02
Insuring School Buildings and Property§ 45-1-110
Compensation of Poll Workers§ 45-1-120
Reserved§ 45-1-130
Duties of County Engineer§ 45-1-140
Reserved§ 45-1-150
Reserved§ 45-1-160
Reserved§ 45-1-180
Reserved§ 45-1-190
Reserved§ 45-1-20
Licensing and Regulation; ViolationsCite This Page — Counsel Stack
Bluebook (online)
Alabama § 45-37A-411, Counsel Stack Legal Research, https://law.counselstack.com/statute/al/45-37A-411.