§ 45-58A-130 — Disposition of Proceeds from Gas System Sale Trust Fund

In the event the Gas Board of the Town of Vincent, Alabama, or the Town of Vincent, Alabama, during 1985 or 1986, establishes a trust fund, named Gas System Sale Trust Fund in excess of three hundred thousand dollars ($300,000):
The trust fund shall be invested only in United States securities, or in investments secured by an agency of the United States government, and only the interest therefrom shall be spent or used for any purpose, for a period of 20 years; except that by approval vote of two-thirds of the qualified electors in the Town of Vincent, Alabama, and in such event any portion of the aforesaid trust fund (principal and interest) may be used or spent for lawful purposes. Any person being an appointed or elected officer of the Town of Vincent, Alabama, who uses or spends or causes to be used or spent any portion of the aforesaid trust fund principal without first being approved by vote of two-thirds qualified electors of the Town of Vincent, Alabama, as aforesaid, shall be guilty of a Class B felony and upon conviction shall be punished by five years imprisonment.

Legislative History

(Act 86–384, p. 571, § 1.)