(A) Establishment of trust. There is hereby created a city Open Space and Recreational Trust Fund and Account for the purpose of accepting and disbursing fees, gifts, grants and awards of money made to Broward County for parks, open space and recreational lands.
('72 Code, § 2-115)
(B) Term of existence. The Open Space and Recreational Trust Fund and Account shall be self-perpetuating and sustaining from year to year unless specifically terminated by the Board of City Commissioners.
('72 Code, § 2-116)
(C) Trust assets. All trust assets, including interest earned on all moneys deposited in the Trust Fund, shall be expended, utilized, and disbursed only for parks, open space and recreational need as provided in Broward County Ord. 77-43 and Broward County Ord. 77-66.
('72 Code, § 2-117)
(D) Disbursal of assets.
(1) No funds shall be disbursed from Trust Fund unless approved by the Board of City Commissioners.
(2) Funds of the Trust Fund shall only be utilized in accordance with the provisions of Broward County Ord. O-77-43 and Broward County Ord. O-77-66.
(3) Funds not expended at the close of any fiscal year shall be carried forward into the next year.
('72 Code, § 2-118)
(E) Administrator; custodian designated. For the purposes of administering the Trust Fund created herein, in accordance with the terms of this section and to execute the directions of the Commission, the City Manager is hereby designated the administer of the Fund, and the Director of the Department of Financial Services shall be the official custodian of the Fund and shall receive all moneys and securities for the Fund, deposit such moneys, and make payment for the purposes as specified in this section.
('72 Code, § 2-119)
(Ord. O-79-44, passed 7-27-79; Am. Ord. O-95-67, passed 11-1-95)