Alabama § 45-9A-40 - Proceeds from Sale of Gas Distribution System.
Full text of Alabama Code of Alabama § 45-9A-40 — Proceeds from Sale of Gas Distribution System., with citation guidance and answers to common questions.
§ 45-9A-40. Proceeds from Sale of Gas Distribution System.
(a) The City of LaFayette has received proceeds from the sale of its gas distribution system, and all one million nine hundred twenty thousand dollars ($1,920,000) of such proceeds shall be used to establish an investment fund named “City of LaFayette Gas System Sale Investment Funds.” This fund may receive money from other sources in addition to that received from the sale of the gas system.
(b) The investment fund shall be invested only in United States securities, or in investments secured by an agency of the United States government and 90 percent of the annual interest therefrom shall be available to be spent or used for any lawful purpose. The remaining 10 percent of such interest together with the principal shall remain in the investment fund unless otherwise approved by a vote of two-thirds of the qualified electors in the City of LaFayette. If approved by such voters, any portion of the aforesaid investment fund (principal and interest) may be used or spent for lawful purposes.
(c) That resolution 95-46, which directs the city to invest $1.2 million of the proceeds be repealed.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 45-9A-40
What does Code of Alabama § 45-9A-40 cover?
Section 45-9A-40 ("Proceeds from Sale of Gas Distribution System.") 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 § 45-9A-40?
A common citation format is "Code of Alabama § 45-9A-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 § 45-9A-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.