Part I.
As used in this amendment, the following terms shall have the following meanings:- Authorized city
- (a). Any city in which the voters have authorized the establishment of one or more trust funds in the manner provided in this amendment, notwithstanding Section 94 of this Constitution.
- Authorized investment
- (b). Any investment authorized by law for the investment of any of the trust funds of either the Teachers' Retirement System of Alabama or the Employees' Retirement System of Alabama.
- Authorizing ordinance
- (c). An ordinance of an authorized city adopted in accordance with this amendment.
- City
- (d). Any city with a population of 150,000 or more according to the latest federal decennial census.
- Governing body
- (e). The city council, city commission, or other legislative body authorized under general law to adopt ordinances for the operation and governance of a city.
- Investment policy
- (f). A written statement setting forth the mode and manner for investing the assets of a trust fund in authorized investments, establishing benchmarks and criteria for measuring investment performance and compliance with the investment policy, and specifying a requirement for the preparation and publication of periodic reports on investment performance and investment policy compliance.
- Trust fund
- (g). A fund established pursuant to this amendment.
Part II.
The governing body of any authorized city may establish by ordinance one or more trust funds for the continuing benefit of the authorized city and its citizens which shall be funded and administered in accordance with the ordinance and this amendment.Part III.
The authorizing ordinance shall include the following provisions:(b) The conditions of expenditure of the principal of or earnings on the assets of the trust fund, or any other conditions, which conditions may include a request by the mayor, approval by any specified number of members of the governing body of the authorized city greater than a simple majority of the members, or any other conditions.
(c) An investment policy for the trust fund.
(d) Provision for the custody of the assets of the trust fund by the finance director of the authorized city, or a bank, savings association or trust company with a place of business in Alabama, which is organized and existing under the laws of this state, any other state of the United States, or the United States and which is authorized pursuant to the laws of this state or the United States, to conduct, and is conducting in this state, the business of a trust company, or with respect to a bank or savings association, the business of making loans and taking deposits, selected in a manner specified in the authorizing ordinance.
(e) Any other provisions, not inconsistent with this amendment, as may be deemed appropriate by the governing body.
