(a)For the purposes of this section, the following terms have the following meanings:
(1)AUTHORIZED REPRESENTATIVE. Either of the following:
a. The Mayor of the City of Troy.
b. Any other officer of the city designated as an authorized representative by the council.
(2)CITY. The City of Troy.
(3)COUNCIL. The governing body of the city.
(4)FUND. The City of Troy Investment Trust Fund established by this section.
(5)PERMITTED INVESTMENT. Any of the following:
a. United States Securities.
b. Investments secured by an agency of the United States.
c. Any other investment into which municipal funds may be invested under Section 11-81-21, or any other law of this state including, without limitation, obligations into which sinking funds may be invested.
(6)TRUSTEE. The trustee of the fund.
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(a) For the purposes of this section, the following terms have the following meanings:
(1) AUTHORIZED REPRESENTATIVE. Either of the following:
a. The Mayor of the City of Troy.
b. Any other officer of the city designated as an authorized representative by the council.
(2) CITY. The City of Troy.
(3) COUNCIL. The governing body of the city.
(4) FUND. The City of Troy Investment Trust Fund established by this section.
(5) PERMITTED INVESTMENT. Any of the following:
a. United States Securities.
b. Investments secured by an agency of the United States.
c. Any other investment into which municipal funds may be invested under Section 11-81-21, or any other law of this state including, without limitation, obligations into which sinking funds may be invested.
(6) TRUSTEE. The trustee of the fund.
(b) There is established the City of Troy Investment Trust Fund. On May 15, 1996, there shall be transferred into the fund the monies then held in the City of Troy Investment Fund established by Ordinance 123 adopted by the council on October 2, 1995, and holding certain proceeds derived by the city from the sale of Edge Regional Medical Center. At the discretion of the council, the fund shall also, from time to time, receive money from other sources which, when received, will become part of the trust corpus and become subject to the terms of this section.
(c)(1) The fund shall be invested only in permitted investments.
(2) The trustee shall invest or reinvest the monies in the fund in permitted investments.
(3) The trustee, at the written direction of an authorized representative, shall invest or reinvest monies from the fund in specified permitted investments.
(4) Each fiscal year, 90 percent of the income received from the fund shall be paid from the fund to the City of Troy General Fund.
(5) Each fiscal year, 10 percent of the income received by the fund shall be retained in the fund and shall become a part of the corpus of the fund.
(6) Only 90 percent of the income of the fund shall be spent, obligated, or used for any lawful purpose, unless approved by a vote of two-thirds of the qualified electors in the city who cast a vote in an election in which the question appears on the ballot.
(7) If approved by a vote of two-thirds of the qualified electors in the city who cast a vote in an election in which the question appears on the ballot, any portion of the fund may be used, spent, or obligated for lawful purposes.
(d) The city shall be reimbursed for all future costs or expenses incurred by the city related to or arising from the operation or the sale of Edge Regional Medical Center, reimbursement to be made by payment from the retained income, the corpus of the fund, or a combination thereof.