(a) For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
BOARD. The Board of Trustees of the fund.
FUND. The Melbourne Beach Library Trust Fund, as created pursuant to this article.
SYSTEM. The trust administration and fund, as created pursuant to this article.
(b) So long as the system provided for by this article is in effect, any donation, gift, contribution, or bequest shall be deposited to the Melbourne Beach Library Trust Fund by any person, natural or corporate, or by any legal entity. Such deposit, at the discretion of the Board, may be accounted for separately and kept on a segregated bookkeeping basis. Funds arising from the foregoing sources may be used, as determined by the Board, for books; technical, Internet, or computer services; public programs; or other public services, all at the Melbourne Beach Public Library, which books; technical, Internet, or computer services; public programs; or other public services, which would not otherwise be provided for by funds raised from taxation or fees by Brevard County.
(c) The legislative intent of this article is to create a trust fund for the donation of funds by the general public to provide expanded library programs, books, and services, and to provide for the funding of the purchase of additional library programs, books, and services to benefit and be used primarily at the Melbourne Beach Public Library. The Town Commission hereby makes a legislative finding that donations to the fund for Brevard County's Melbourne Beach Public Library for increased library programs, books, and services is a valid and exclusively public purpose. The Town Commission notes that pursuant to the Section 170(a), (b)(1)(v), and (c)(1) of U.S. Internal Revenue Code of 1986, donations to a local government for an "exclusively public purpose" are tax deductible to the extent provided by Federal law. It is the intent of the Town Commission that donations, gifts, or bequests to the fund shall be for an exclusively public purpose for the purpose of making such donation, gift, or bequest tax deductible from U.S. income tax to the extent provided by law.
(Ord. 99-05, passed 9-15-99)