(a) In the event the Utilities Board of the City of Pleasant Grove or the City of Pleasant Grove should receive proceeds from the sale of its gas and water distribution systems, there shall be established an investment fund named Pleasant Grove Gas and Water Systems Sale Investment Fund. This fund shall receive money from other sources in addition to that received from the sale of the gas and water systems.
(b) The trust fund shall be invested in any legal investments authorized by state law, including securities, warrants, bonds, bank accounts, and other investments that have been declared as legal investments for publicly held funds. The interest in the trust fund may be expended or used for any lawful purpose. Up to 10 percent of the principal in the trust fund may be expended each year for the purchase, repair, and replacement of municipal infrastructure and equipment. All expenditures from the fund shall be by resolution or ordinance of the city council.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.