Interest earnings from the various funds held in the name of the City, excluding the Euclid Endowment Fund, shall be credited to the General Fund unless said interest earnings are to be distributed in a manner provided by State or Federal law or by the terms of a trust, will, agreement or trust indenture. In the case of the Euclid Endowment Fund, all interest generated by that Fund shall be deposited in that Fund.
The Finance Director is authorized and directed to establish such holding funds as are necessary to carry out the purpose and intent of this section.
(Ord. 159-1994. Passed 6-6-94.)