(A) All contributions made to or purchases made by the village and specified to be used for such uses and purposes shall be deposited in the fund and used, expended or conveyed only in accordance with the declaration of trust.
(B) Contributions may be made in cash, securities, or other property, tangible or intangible, or in real estate, and the fund is empowered to receive and the trustee is empowered to purchase such property as may be beneficial to the uses and purposes of the trust.
(C) Any contributions may be specified to be an endowment gift and thereby permanently appropriated to the uses and purposes of the fund, in which event the village, as trustee, shall use only the income derived from the contributions.
('80 Code, § 36.13) (Ord. 21-62, passed 5-22-62; Am. Ord. 21-81, passed 11-23-81)