(a) There is hereby created the Parks and Recreation Endowment Fund which shall be used solely for the purpose of improving and maintaining the public parks within the City of Flint. Interest earnings only may be expended for the purposes designated herein.
(b) The monies to be deposited in the endowment fund shall be derived from the proceeds of the sale of the areas commonly known as Oak Park and the City owned lands bordering on the Kearsley Lake Golf Course, as approved by the electorate of the City of Flint on November 8, 1984, and such other funds as may be donated to the City for such purposes or appropriated by the City Council from time to time to this fund.
(c) The Flint Public Trust shall be designated as the custodial trustee of the funds and shall administer the funds in accordance with such trust agreement as shall be entered into between the City of Flint and the custodial trustee.
(Ord. 2956, passed 6-10-1985)
Parks, see Ch. 33