Trust Funds for Continuing Benefit of Certain Cities.

Part I. As used in this amendment, the following terms shall have the following meanings:

(a) AUTHORIZED CITY. Any city in which the voters have authorized the establishment of one or more trust funds in the manner provided in this amendment, notwithstanding Section 94 of this Constitution.

(b) AUTHORIZED INVESTMENT. Any investment authorized by law for the investment of any of the trust funds of either the Teachers' Retirement System of Alabama or the Employees' Retirement System of Alabama.

(c) AUTHORIZING ORDINANCE. An ordinance of an authorized city adopted in accordance with this amendment.

(d) CITY. Any city with a population of 150,000 or more according to the latest federal decennial census.

(e) GOVERNING BODY. The city council, city commission, or other legislative body authorized under general law to adopt ordinances for the operation and governance of a city.

(f) INVESTMENT POLICY. A written statement setting forth the mode and manner for investing the assets of a trust fund in authorized investments, establishing benchmarks and criteria for measuring investment performance and compliance with the investment policy, and specifying a requirement for the preparation and publication of periodic reports on investment performance and investment policy compliance.

(g) TRUST FUND. A fund established pursuant to this amendment.

Part II. The governing body of any authorized city may establish by ordinance one or more trust funds for the continuing benefit of the authorized city and its citizens which shall be funded and administered in accordance with the ordinance and this amendment.

Part III. The authorizing ordinance shall include the following provisions:

(a) The amount and source of funds to be initially set aside in the trust fund.

(b) The conditions of expenditure of the principal of or earnings on the assets of the trust fund, or any other conditions, which conditions may include a request by the mayor, approval by any specified number of members of the governing body of the authorized city greater than a simple majority of the members, or any other conditions.

(c) An investment policy for the trust fund.

(d) Provision for the custody of the assets of the trust fund by the finance director of the authorized city, or a bank, savings association or trust company with a place of business in Alabama, which is organized and existing under the laws of this state, any other state of the United States, or the United States and which is authorized pursuant to the laws of this state or the United States, to conduct, and is conducting in this state, the business of a trust company, or with respect to a bank or savings association, the business of making loans and taking deposits, selected in a manner specified in the authorizing ordinance.

(e) Any other provisions, not inconsistent with this amendment, as may be deemed appropriate by the governing body.

Part IV. An authorizing ordinance once adopted may be subsequently amended only as proposed in an ordinance adopted by the governing body, approved by the mayor, and approved by a majority of the qualified electors of an authorized city voting at an election called for such purpose. Approval by a majority of the qualified electors shall not be required for an amendment to an authorizing ordinance for the sole purpose of providing for the deposit of additional funds or authorized investments into a previously established trust fund. An authorized city may call and pay the expenses of elections for the purpose of considering amendments to an authorizing ordinance.

Part V. In the event this amendment is approved and a majority of the qualified electors of a city who vote thereon vote in favor of the adoption of this amendment when it is submitted to them for approval, the governing body may establish one or more trust funds as provided in this amendment. In the event this amendment is approved and a majority of the qualified electors of a city who vote thereon vote against the adoption of this amendment when it is submitted to them for approval, the authority to establish one or more trust funds as provided herein shall not be given unless the question of authority to establish trust funds is again submitted to a vote of the qualified electors of a city and voted in the affirmative by a majority of those voting at the election. Each such election shall be ordered, held, canvassed, and may be contested in the same manner as is provided by law applicable to the city for elections to authorize the issuance of municipal bonds. In the event the authority to establish trust funds is defeated, subsequent elections for the approval of the authority may be held again, but no election shall be held within one year of any previous election. Once authority to establish trust funds has been approved, no further election shall be required thereon.

Part VI. The authority and powers conferred by this amendment are intended to be in addition to, and not in derogation of, authority and powers otherwise provided by law.

Part VII. This amendment is intended to supersede any conflicting constitutional provisions or statutes. Notwithstanding the foregoing, the Legislature may enact laws supplemental to this amendment and in furtherance of the purposes and objectives thereof, provided that those laws are not inconsistent with the express provisions of this amendment.