Alabama § 45-58A-130 - Disposition of Proceeds from Gas System Sale Trust Fund.
Full text of Alabama Code of Alabama § 45-58A-130 — Disposition of Proceeds from Gas System Sale Trust Fund., with citation guidance and answers to common questions.
§ 45-58A-130. Disposition of Proceeds from Gas System Sale Trust Fund.
In the event the Gas Board of the Town of Vincent, Alabama, or the Town of Vincent, Alabama, during 1985 or 1986, establishes a trust fund, named Gas System Sale Trust Fund in excess of three hundred thousand dollars ($300,000):
The trust fund shall be invested only in United States securities, or in investments secured by an agency of the United States government, and only the interest therefrom shall be spent or used for any purpose, for a period of 20 years; except that by approval vote of two-thirds of the qualified electors in the Town of Vincent, Alabama, and in such event any portion of the aforesaid trust fund (principal and interest) may be used or spent for lawful purposes. Any person being an appointed or elected officer of the Town of Vincent, Alabama, who uses or spends or causes to be used or spent any portion of the aforesaid trust fund principal without first being approved by vote of two-thirds qualified electors of the Town of Vincent, Alabama, as aforesaid, shall be guilty of a Class B felony and upon conviction shall be punished by five years imprisonment.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 45-58A-130
What does Code of Alabama § 45-58A-130 cover?
Section 45-58A-130 ("Disposition of Proceeds from Gas System Sale 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 § 45-58A-130?
A common citation format is "Code of Alabama § 45-58A-130" (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 § 45-58A-130 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.