§7-21-1. Short Title

This article may be known and cited as the "County Financial Stabilization Fund Act."

§7-21-2. Findings and Declarations

The Legislature finds and declares that: (1) County government should maintain a prudent level of financial resources to try to protect against reducing service levels or raising taxes and fees because of temporary revenue shortfalls, unpredicted one-time expenditures or emergency situations; and

§7-21-3. Budget Stabilization Fund; Creation; Appropriation; Maximum

(a) A county commission may create a "financial stabilization fund" by a majority vote of the members. The fund may receive appropriations, gifts, grants and any other funds made available. (b) The county commission may appropriate a sum to the fund from any surplus in the General Fund at the end of each fiscal year […]

§7-21-4. Fund Investment; Usage

(a) The county commission may invest the money in the fund as it considers appropriate, with the earnings retained by the fund. (b) The county commission may appropriate money in the financial stabilization fund upon a majority vote for any of the following purposes: (1) To cover a general fund shortfall; or