147.11 PERMITTED USES FOR THE MACEDONIA PARK AND RECREATION TRUST FUND.

   (a)   There is hereby created a “Macedonia Park and Recreation Trust Fund” and that the Director of Finance shall maintain such fund for and on behalf of the City of Macedonia as a repository for funds gained from the lease of park property to 2Club Golf of Macedonia, LLC, or any subsequently approved assignee thereof, in Longwood Park and for various contributions related to such facility.

   (b)   The Director of Finance shall as soon as possible submit to the Mayor, the Parks and Recreation Director and the Parks and Recreation Commission the amount anticipated to be available from 2Club Golf of Macedonia LLC, during the fiscal year of 2005.

   (c)   Council shall meet annually in January, to approve the plan for spending the money based on the recommendation of the Parks and Recreation Director and the Parks and Recreation Commission. All expenditures from this trust fund shall be approved by the affirmative vote of the members elected to Council through resolution.

   (d)   Council may re-evaluate the fund at any time and make changes in spending or procedures for use of the fund, but any changes must be approved by the affirmative vote of the members elected to Council through written resolution of Council.

(Res. 88-2004. Passed 1-13-05.)