(A) An account is established for the deposit of monies for the maintenance, operation and improvements of John Paul Park.
(B) Said account shall be named the John Paul Park Fund and all funds contained in said account shall be expended only for the limited and exclusive purpose of financing the maintenance, construction, land acquisition, renovation, and operation of John Paul Park by The John Paul Park Conservancy.
(C) The express and written approval of the Board of Public Works and Safety of the City of Madison shall be obtained prior to the expenditure of funds from said account.
(D) Said account shall be non-reverting and exist perpetually unless terminated by a subsequent ordinance enacted by the Common Council.
(E) If said account is terminated by a subsequent ordinance enacted by the Common Council, the remaining balance of the terminated account shall revert to The John Paul Park Conservancy and its successors or assigns. If no successor to The John Paul Park Conservancy exists, the remaining funds shall revert to the City of Madison Park Department's general budget or the general budget of the Common Council of the City of Madison.
(Ord. 2012-25, passed 12-18-12)