A. Frank And Alice Dewey Park Trust Fund: There is hereby established the Frank and Alice Dewey park trust fund for the purpose of providing benefits to the city park system for the aesthetic and recreational enjoyment of the community.
1. All funds received under the last will and testament of Alice E. Dewey shall be paid into the Frank and Alice Dewey park trust fund, and said funds shall be used only as herein provided.
2. To accomplish the intended purposes, this fund shall be prudently managed and wisely used to effect its purpose of affording benefit to the public as a whole over the years. This purpose does not contemplate supplanting the city's traditional responsibility for providing public recreational facilities, but rather comprehends supplementing and augmenting the city's efforts in meeting that responsibility, especially when the city council, in the lawful exercise of its discretion, discerns a public need or appropriate use for the fund's resources within its purpose not otherwise affordable.
3. In effectuating the purpose of this trust fund, the city council may use the resources of the fund to acquire land, install equipment, contribute to maintenance, landscape and in other ways to benefit the public through enhancement of the beauty and usefulness of existing parks or new parks in the park system, all pursuant to a long term plan and/or occasional project adopted by decision of the city council from time to time.
4. While it is intended that this fund will remain as a continuing endowment of enduring benefit to the people of the Little Falls community, the income of which will be used to effect its purpose, the city council nevertheless will have the power to invade and use the corpus of the fund when the need or advisability of doing so is discerned.
5. The city council may employ expert advisory services and fiscal management for the fund and the expense thereof shall be paid from the fund.
6. The corpus of the fund may be expended by the city council as herein authorized by a seven-eighths (7/8) vote of all members of the city council.
7. The income of the fund may be expended by the city council as herein authorized by a majority vote of all members of the city council.
8. Funds included in this fund shall not be included in or shall it be any part of the budget of the city.
9. Additions may be made to this fund by interested parties, and funds so received shall be governed by the provisions of this subsection.
B. Laura Jane Musser Trust Fund: There is hereby established the Laura Jane Musser trust fund for the purpose of providing benefits to the public for the aesthetic, cultural and heritage enjoyment of the Musser/Weyerhaeuser properties.
1. One million dollars ($1,000,000.00) in funds received from the Musser trust shall be paid into the Laura Jane Musser trust fund, and said funds shall be used only as herein provided.
2. In effectuating the purpose of this trust fund, the city council may use the resources of the fund to acquire land, install equipment, contribute to maintenance, landscape, and in other ways to benefit the public through the enhancement, beauty and usefulness of the Musser/Weyerhaeuser properties, all pursuant to long term plans, and/or occasional projects adopted by decision of the city council.
3. To accomplish the intended purposes, this fund shall be prudently managed and wisely used to affect its purpose of affording benefits to the public as a whole over the years.
4. It is intended that this fund will remain as a continuing endowment of enduring benefit to the Little Falls community and beyond, the income of which will be used to effect its purpose, the city council nevertheless will have the power to invade and use the corpus of the fund when the need or advisability of doing so is discerned.
5. The city council may employ expert advisory services and fiscal management for the fund and the expense thereof shall be paid from the fund.
6. The corpus of the fund may be expended by the city council as herein authorized by a seven-eighths (7/8) vote of all members of the city council.
7. The interest income of the fund may be expended by the city council as herein authorized by a majority vote of the members of the city council.
8. Funds included in this fund shall not be included in, nor shall they be part of, any other budget of the city not associated with the Musser/Weyerhaeuser properties.
9. Additions may be made to this fund by interested parties and funds so received shall be governed by the provisions of this subsection.
C. Minnesota Fishing Museum Trust: There is hereby established the Minnesota Fishing Museum trust for the purpose of providing benefits to the city by assistance in the operation of a museum for the preservation and display of artifacts relating to the sport of freshwater fishing; by assisting in the recognition of persons and organizations for achievement and accomplishment in the furtherance of Minnesota freshwater fishing; by assistance in the sponsorship and promotion of freshwater fishing educational programs and events.
1. All funds and assets received from or on behalf of the museum and its programs shall be paid into and received by the Minnesota Fishing Museum trust, and said funds and assets shall be used only as herein provided.
2. Some or all of the assets subject to this trust shall be designated as a "permanent collection". All assets originally designated as part of the permanent collection, together with any later additions thereto, shall be handled and disposed of in accordance with the provisions of this subsection. No additions shall be made to the permanent collection unless such additions are accepted as such by the city. Some or all of the assets subject to this trust, that are not a part of the permanent collection, shall be designated as a "working collection". All assets designated as part of the working collection, together with any later additions thereto, shall be handled and disposed of in accordance with the provisions of this subsection. The corpus of the permanent collection may be expended by the city council as herein authorized by a seven-eighths (7/8) vote of all members of the city council. The interest income of the permanent collection may be expended by the city council as herein authorized by a majority vote of all members of the city council.
3. The permanent collection shall consist of assorted fishing tackle, lures and equipment, together with informational materials as designated on an inventory prepared by the Minnesota Fishing Museum, Inc., and funds accepted by the city. The city or its representative shall perform curation and maintenance of the permanent collection. The permanent collection shall be retained by the city unless and until a facility for display of the permanent collection is no longer maintained within the city. Upon that event, the permanent collection shall be disposed of as follows: first by offering the collection to another municipality that is willing to maintain the integrity and operation of the collection as a nonprofit organization for the purposes outlined in this subsection C; second, in the event the city is not able to find another municipality to continue the tradition of the Minnesota Fishing Museum, then the Minnesota department of natural resources would become sole owner of the assets and would be able to use or dispose of any and all items at their discretion.
4. The working collection shall consist of assorted fishing tackle, lures, equipment, display cases and funds as designated on an inventory prepared by the Minnesota Fishing Museum, Inc., and accepted by the city. Assets within the working collection shall be prudently managed and wisely used to effect the purpose of this trust to afford benefit to the public as a whole over the years. The city may use the resources of the working collection to acquire land, install equipment, contribute to maintenance, sponsor programs, and in other ways to benefit the public consistent with the purposes of this trust. While it is intended that the working collection will remain as a continuing endowment of enduring benefit to the people of Little Falls, the income of which will be used to effect its purpose, the city council will nevertheless have the power to invade and use the corpus of the working collection when the need or advisability of doing so in a manner that is consistent with intent of this subsection.
5. Additions may be made to the permanent collection or the working collection by interested parties, and funds so received shall be governed by the provisions of this subsection. No additions shall be made to the permanent collection unless it has been specifically accepted as such by the city.
D. William And Burneze Krafve Pine Grove Park Fund: There is hereby established the William and Burneze Krafve Pine Grove Park fund for the purpose of providing benefits to the Pine Grove Park And Zoo for the aesthetic and recreational enjoyment of the community and environment of the animals.
1. All funds received under the last will and testament of William Krafve shall be paid into the William and Burneze Krafve Pine Grove Park fund, and said funds shall be used only as herein provided.
2. To accomplish the intended purpose, this fund shall be prudently managed and wisely used to affect its purpose of affording benefit to the public as a whole over the years. This purpose does not contemplate supplanting the city's traditional responsibility for providing public recreational and zoo facilities, but rather comprehends supplementing and augmenting the city's efforts in meeting that responsibility, especially when the city council, in the lawful exercise of its discretion, discerns a public need or appropriate use for the fund's resources within its purpose not otherwise affordable.
3. In effectuating the purpose of this fund, the city council may use the resources of the fund to acquire land, install equipment, contribute to maintenance, landscape, and capital improvements to benefit Pine Grove Park And Zoo through enhancement of the beauty and usefulness of the park and zoo, all pursuant to a long term plan and/or occasional project adopted by decision of the city council from time to time.
4. While it is intended that this fund will remain as a continuing endowment of enduring benefit to the people of the Little Falls community, the income of which will be used to effect its purpose, the city council nevertheless will have the power to invade and use the corpus of the fund when the need or advisability of doing so is discerned.
5. The city council may employ expert advisory services and fiscal management for the fund and the expense thereof shall be paid from the fund.
6. The corpus of the fund may be expended by the city council as herein authorized by a seven-eighths (7/8) vote of all members of the city council.
7. The income of the fund may be expended by the city council as herein authorized by a majority vote of all members of the city council.
8. Funds included in the fund shall not be included in, nor shall it be any part of, the budget of the city.
9. Additions may be made to this fund by interested parties and funds so received shall be governed by this subsection. (Ord. 77, 6th Series, eff. 10-19-2015)