AL HB444

Amends Act 1996-459 to modernize the City of Troy Investment Trust Fund, which holds proceeds from the sale of Edge Regional Medical Center.

Expands permitted investments beyond U.S. Securities to include any investments allowed under Alabama Code Section 11-81-21 or other state laws, including sinking fund obligations.

Maintains income distribution requiring 90 percent of annual fund income paid to Troy's General Fund and 10 percent retained to grow the fund corpus.

Allows spending of up to 90 percent of fund income without voter approval; spending beyond 90 percent or use of principal requires approval by two-thirds vote of Troy's qualified electors.

Establishes the City of Troy can be reimbursed for costs related to Edge Regional Medical Center operations or sale using retained income, fund corpus, or a combination thereof, effective October 1, 2024.