(A) The Clerk-Treasurer is hereby directed and authorized to establish and maintain for each of the city departments a fund entitled the “Gift Fund or Donation Fund” with each Gift Fund or Donation Fund also containing the respective name of the city department for which it is established.
(B) The Clerk-Treasurer is hereby further directed and authorized to accept restricted donations and to hold such restricted donations in the applicable departmental Gift Fund or Donation Fund and to establish and maintain appropriate sub-accounts for each restricted donation. For the purposes of this subchapter, RESTRICTED DONATIONS are defined as funds gifted to the city on which the donor has attached terms, conditions, or purposes for which the funds can be used.
(C) Each departmental Gift Fund or Donation Fund shall be perpetual and continue until otherwise terminated by Common Council. Upon the termination of any departmental Gift Fund or Donation Fund, the disposition of the proceeds therein shall be determined by Common Council.
(Ord. 2001-8, passed 4-26-2001)