Alabama § 45-46A-40 - Linden Gas Investment Trust Fund.
Full text of Alabama Code of Alabama § 45-46A-40 — Linden Gas Investment Trust Fund., with citation guidance and answers to common questions.
§ 45-46A-40. Linden Gas Investment Trust Fund.
(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.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 45-46A-40
What does Code of Alabama § 45-46A-40 cover?
Section 45-46A-40 ("Linden Gas Investment Trust Fund.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 45-46A-40?
A common citation format is "Code of Alabama § 45-46A-40" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 45-46A-40 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.