HB 456 Charter; City of Martinsville

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About HB-456

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