(A) The city's Community Investment Program is hereby authorized and the city is further empowered and authorized to use funds from the Community Trust as part of the program. In addition, the Board of Trustees of the City Community Trust is empowered and authorized to make investments from City Community Trust Funds with respect to the Community Investment Program.
(B) Each investment made under the Community Investment Program from the City Community Trust funds shall be first approved, in each instance, by the Board of Trustees of the City Community Trust, and then must be all approved in ordinance form by the Common Council. In determining whether to approve an investment, the Board of Trustees shall:
(1) Exercise reasonable and prudent business care as to the making of such an investment;
(2) Keep in mind the purpose of the community investment sums to assure, as best as is possible, no diminution of the trust corpus;
(3) Make investments only for property within the city limits that facilitate job creation and/or cause private investments to occur where such investments would not otherwise happen and/or add to the tax base; and
(4) Determine the nature and extent of each investment; the terms and conditions of same; and the type of collateral security required.
(C) The Board of Trustees shall have access to and benefit of, in the making of its determinations hereunder, financial and legal advice.
(`74 Code, § 11-3) (Ord. G-11-86, passed 3-11-86)