(a) The board shall establish a separate general trust fund for deposit of all donations and the assets of the welfare fund. The trust fund shall be established as a separate city trust account with the city treasurer. Upon receipt of general contributions, they shall be deposited to the credit of the appropriate city fund.
(b) In the event the board receives contributions from a benefactor designating specific qualified beneficiaries, the donations shall be deposited in the general welfare trust fund. Upon request the city controller will provide the board an accounting of the police and fire welfare fund.
(c) In the event the welfare fund receives donations from private benefactors in the form of other valuable consideration, such as stocks, bonds, real or personal property, the ownership of that property shall be held by the welfare fund in trust for the qualified beneficiaries until title can be transferred according to the directions of the benefactor. If the benefactor makes a donation without any specific instructions, the board shall have the power and authority to hold, transfer, convey, lend, or sell the property in a manner the board believes is in the best interests of the beneficiaries of the welfare fund. After approval of the board, the city controller shall have the authority to effectuate any transaction on behalf of the board. (Ord. Nos. 16126; 29645)