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2008 SESSION

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HB 456 Charter; City of Martinsville. 

Introduced by: Donald W. Merricks | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Charter; City of Martinsville.  Provides that the City may establish a municipal trust. The principal of the trust shall be (i) all of the proceeds of the sale of any City asset owned by the City that generates between $10 million and $20 million, (ii) one-half of any such proceeds in excess of $20 million, (iii) such income generated by the trust remaining unexpended at the close of each fiscal year, and (iv) such other funds as the city council may by majority vote to contribute to the fund. This bill is identical to SB 92.

SUMMARY AS PASSED HOUSE:

Charter; City of Martinsville.  Provides that the City may establish a municipal trust. The principal of the trust shall be (i) all of the proceeds of the sale of any City asset owned by the City that generates between $10 million and $20 million, (ii) one-half of any such proceeds in excess of $20 million, (iii) such income generated by the trust remaining unexpended at the close of each fiscal year, and (iv) such other funds as the city council may by majority vote to contribute to the fund.

SUMMARY AS INTRODUCED:

Charter; City of Martinsville.  Provides that the City shall establish a municipal endowment fund. The principal of the fund shall be (i) all of the proceeds of the sale of any City asset owned by the City that generates between $10 million and $20 million, (ii) one-half of any such proceeds in excess of $20 million, (iii) 10 percent of revenues remaining unexpended at the end of each fiscal year, (iv) such income generated by the fund remaining unexpended at the close of each fiscal year, and (v) such other funds as the city council may by majority vote to contribute to the fund.