AL HB73

Amends Section 45-37A-411 of the Code of Alabama 1975 to modify the Pleasant Grove Gas and Water Systems Sale Investment Fund.

Expands permitted investments from only United States Securities to any legal investments authorized by state law, including securities, warrants, bonds, bank accounts, and other publicly-held fund investments.

Allows up to 10 percent of the principal in the trust fund to be expended annually for the purchase, repair, and replacement of municipal infrastructure and equipment without voter approval.

Requires all other expenditures from the fund beyond the annual 10 percent to be approved by two-thirds vote of qualified electors in the City of Pleasant Grove, or by city council resolution or ordinance.

Takes effect on the first day of the third month following passage and approval by the Governor.