(a) In the event the Utilities Board of the City of Pleasant Grove or the City of Pleasant Grove should receive proceeds from the sale of its gas and water distribution systems, there shall be established an investment fund named Pleasant Grove Gas and Water Systems Sale Investment Fund. This fund shall receive money from other sources in addition to that received from the sale of the gas and water systems.
(b) The trust fund shall be invested in any legal investments authorized by state law, including securities, warrants, bonds, bank accounts, and other investments that have been declared as legal investments for publicly held funds. The interest in the trust fund may be expended or used for any lawful purpose. Up to 10 percent of the principal in the trust fund may be expended each year for the purchase, repair, and replacement of municipal infrastructure and equipment. All expenditures from the fund shall be by resolution or ordinance of the city council.