Disposition of funds.

(a) All fees, commissions, taxes, and other monies, including fines and forfeitures, received under this subpart shall be paid to the racing commission and shall be remitted by it to the county treasurer for deposit in the county treasury to the account of the Mobile County Racing Commission as directed by the racing commission. All monies remaining after payment of the expenses incurred in the administration of this subpart including, but not limited to, the payment of the salaries and expenses of the members and employees of the racing commission, and subject to any reserves for contingencies as the racing commission shall direct, shall be distributed by the county treasurer monthly as follows:

(1) Until the capital improvement fund has accumulated four million two hundred thousand dollars ($4,200,000): Forty percent to the University of South Alabama for the use of the medical school; 10 percent to S. D. Bishop State Community College; 15 percent to the board of school commissioners of the largest school district in the county; 30 percent to be divided among the county and municipalities located therein on a proportionate basis according to the total populations of them, the population of the county being determined by counting only the number of residents of the county living outside the area of any incorporated municipality, all of the funds, so distributed to be used by the respective governing bodies of each entity for law enforcement purposes; and 5 percent to the Mobile County Law Enforcement and Firefighters' Pension Fund which is established in subsection (b). All funds distributed pursuant to this subdivision to the University of South Alabama, the City of Mobile, and to the County of Mobile shall be deposited into the capital improvement fund until four million two hundred thousand dollars ($4,200,000) has accumulated in the fund. At the time that the capital improvement fund accumulates four million two hundred thousand dollars ($4,200,000), deposits to it shall cease and all future funds shall be distributed to the University of South Alabama, the City of Mobile, and the County of Mobile as otherwise prescribed in this subdivision.

(2) After the capital improvement fund has accumulated four million two hundred thousand dollars ($4,200,000): Thirty-three percent to the University of South Alabama for the use of the medical school; 13.35 percent to S. D. Bishop State Community College; 18.35 percent to the board of school commissioners of the largest school district in the county; 12.25 percent to the City of Mobile; 5.85 percent to the County of Mobile; one percent to Mobile Community Action, Inc.; one percent to the Alabama High School of Mathematics and Science; 7.95 percent to the Mobile County Law Enforcement and Firefighters' Pension Fund established in subsection (b); and the remainder to be divided among the remaining municipalities located therein on a proportionate basis according to their populations, all of the funds so distributed to be used by the respective governing body of each entity for law enforcement purposes.

(b)(1) The Mobile County Law Enforcement and Firefighters' Pension Fund is hereby established. The fund is created for the purpose of receiving, investing, and distributing the monies appropriated to it in subsection (a) to law enforcement officers and firefighters who are retired under any of the respective municipal or county retirement systems and receiving retirement benefits based on contributions and years of service. The monies of the fund shall be paid to eligible retirees in an amount to be determined by the board of trustees of the fund in accordance with generally acceptable actuarial principles based on the age of the retiree and years of service at the time of the retirement.

(2) As used in this section, the term law enforcement officer means a full-time law enforcement officer of a municipality or the county, who meets the minimum standard requirements for law enforcement officers, and who is authorized to preserve the peace, regulate traffic, investigate crimes, or apprehend criminals. It shall not include purely clerical, janitorial, or maintenance employees. The term firefighter means a full-time employee of a municipality of the county, who meets the minimum standard requirements for firefighters, and whose primary responsibilities are to prevent, investigate, fight or suppress fires, perform emergency medical services, or train and supervise those who perform these tasks. It shall not include purely clerical, janitorial, or maintenance employees. The fund shall be administered by a seven-member board of trustees, each of whom shall be required to give bond in the amount of one hundred thousand dollars ($100,000), which shall be paid for by the fund. One initial trustee, who shall serve a term of two years and shall be eligible to receive benefits under this subpart upon retirement, shall be elected by the police chiefs of the municipalities. One initial trustee, who shall serve a term of two years and shall be eligible to receive benefits under this subpart upon retirement, shall be elected by the fire chiefs of the municipalities. One initial trustee, who shall serve a term of two years and shall be eligible to receive benefits under this subpart upon retirement, shall be elected by the sheriff of the county. One initial trustee, who shall serve a term of two years and shall be eligible to receive benefits under this subpart upon retirement, shall be elected by the full-time paid professional firefighters of the county. One initial trustee, who shall serve a term of two years and shall be eligible to receive benefits under this subpart upon retirement, shall be elected by the full-time paid law enforcement officers of the county. Two additional trustees, who shall serve a term of six years and may or may not be eligible for benefits under this subpart upon retirement, shall be elected by the previously elected five trustees. The election of the trustees from the firefighters and law enforcement officers of the county shall be conducted by the judge of probate or his or her designee. After the election of the initial trustees, the term of all trustees shall be six years. Any vacancy shall be filled for the remaining period of the term in the same manner as the original position was filled. Nothing in this subpart shall be construed to keep an individual who serves as both police chief and fire chief from voting on both trustees to be elected by each respective officer. The board of trustees shall have the authority to enact such reasonable rules and regulations as necessary to effectuate this subpart. The board of trustees shall meet at least once each month and shall be compensated in an amount not to exceed one hundred fifty dollars ($150) per month to be paid out of the fund. The salaries shall be paid out the fund. The board of trustees may hire actuaries to determine the amount of money which may be paid to each individual entitled to receive benefits under this subpart, while retaining an actuarially sound base for future benefits. For the purpose of accumulating monies to facilitate the purpose of this subsection, there shall be no benefits paid from this fund for the first five years of its existence. Persons who retired before the year 1973, shall not be eligible for any benefits provided by this subpart.

(c) The county treasurer shall furnish to the racing commission monthly a summary reflecting the source of all monies received by the county treasurer to the account of the racing commission, including any interest earned, and the distribution of all funds, including expenses, distributions to each agency as set forth in this subpart, the balance remaining on hand, and such other information as the racing commission shall, from time to time, direct.

(Act 86-416, p. 612, § 18; Act 86-545, p. 1082, § 18; Act 92-105, p. 169, § 1; Act 93-300, p. 431, § 1.)