HB73 Alabama 2018 Session

Updated Feb 26, 2026

Notable

Summary

Primary Sponsor: Allen Farley
Republican
Session: Regular Session 2018
Title: Pleasant Grove, gas and water distribution, sales proceeds, investment and use, Sec. 45-37A-411 am'd.
Summary: The bill creates a dedicated investment fund to manage proceeds from Pleasant Grove's gas and water system sales, with rules on investments, voter approval, and limited annual infrastructure spending.
What This Bill Does
It establishes the Pleasant Grove Gas and Water Systems Sale Investment Fund to hold sale proceeds and other sources. It restricts investments to US securities or government-backed investments, with up to 90 percent of the fund invested in such instruments. Interest can be used for any lawful purpose, and with a two-thirds vote of Pleasant Grove electors, principal and interest may also be used for lawful purposes. Up to 10 percent of the fund's principal may be spent each year on purchasing, repairing, or replacing municipal infrastructure and equipment, and all expenditures require a city council resolution or ordinance.

Who It Affects
Qualified electors (registered voters) in the City of Pleasant Grove, whose two-thirds vote can authorize broader use of the fund beyond interest.
Pleasant Grove city government (city council and Utilities Board), which will manage the fund, approve investments, and authorize expenditures via resolutions or ordinances.

Key Provisions
Establishes the Pleasant Grove Gas and Water Systems Sale Investment Fund to hold sale proceeds and other sources.
Funds may be invested only in United States securities or investments secured by a United States government agency, with up to 90 percent of the fund invested in such investments.
Interest earned may be used for any lawful purpose; with a two-thirds vote of qualified electors, principal and interest may be used for lawful purposes as well.
Up to 10 percent of the fund's principal may be expended each year for purchase, repair, and replacement of municipal infrastructure and equipment.
All expenditures from the fund must be approved by a resolution or ordinance of the city council.
The act becomes effective on the first day of the third month after passage and approval by the Governor.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.
Subjects: Jefferson County