(a) There is hereby established in the treasury of the City of Linden, Alabama, in Marengo County, a special investment fund to be known as the Linden Gas Investment Trust Fund, hereinafter referred to as the fund. All of the proceeds derived from the purchase agreement of the Linden city gas system negotiated between the City of Linden, the City of Linden Utilities Board, and the Alabama Gas Corporation, and any other funds lawfully granted or appropriated to the fund, shall constitute the corpus or principal amount of the fund. All monies in the trust fund corpus shall be invested by the governing body of the City of Linden only in those securities which are deemed legal investments for fiduciaries as prescribed in Section 19–3–120.
(b)(1) Upon the establishment of the fund, the governing body of the City of Linden is authorized to expend only interest income for any lawful purpose, and shall not spend or obligate any principal or corpus funds except as provided in subdivision (2).
(2) No principal or corpus monies shall be expended from the fund except as herein provided:
a. The governing body of Linden shall first hold a public hearing on the proposed principal expenditure.
b. The governing body shall then adopt a resolution authorizing any such proposed expenditure.
c. The proposed expenditure shall be approved by at least 67 percent of the qualified electors of the City of Linden voting at an election held for such purpose. Any municipal election held pursuant to this subdivision shall provide notice to the electorate and be held and conducted in the same manner as other municipal elections in Linden.
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