Alabama § 45-58A-50 City of Columbiana Heritage Trust Fund

Alabama Statutes

§ 45-58A-50 — City of Columbiana Heritage Trust Fund

Alabama § 45-58A-50

JurisdictionAlabama

Title 45Local Laws

Ch. 58AShelby County Municipalities

Art. 5Columbiana

Part 1Government Finance and Operations

This text of Alabama § 45-58A-50 (City of Columbiana Heritage 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 § 45-58A-50 (2026).

Text

(a)The City of Columbiana has received proceeds from the sale of its natural gas distribution system. Two million nine hundred seventy-five thousand dollars ($2,975,000) of the proceeds shall be used to establish an investment fund named the City of Columbiana Heritage Trust Fund. This fund may receive money from other sources in addition to that received from the sale of the natural gas distribution system.

(b)The trust fund shall be invested only in United States securities, or in investments secured by an agency of the United States government, and 90 percent of the annual interest therefrom shall be available to be spent or used for any lawful purpose. The remaining 10 percent of the interest together with the principal shall remain in the trust fund unless otherwise approved by a vo

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(a)
The City of Columbiana has received proceeds from the sale of its natural gas distribution system. Two million nine hundred seventy-five thousand dollars ($2,975,000) of the proceeds shall be used to establish an investment fund named the City of Columbiana Heritage Trust Fund. This fund may receive money from other sources in addition to that received from the sale of the natural gas distribution system.
(b) The trust fund shall be invested only in United States securities, or in investments secured by an agency of the United States government, and 90 percent of the annual interest therefrom shall be available to be spent or used for any lawful purpose. The remaining 10 percent of the interest together with the principal shall remain in the trust fund unless otherwise approved by a vote of two-thirds of the qualified electors in the City of Columbiana. If approved by the voters, any portion of the investment fund, including principal and interest, may be used or spent for lawful purposes.