There is hereby created and established a fund designated as the Municipal Trust Fund into which shall be paid the proceeds realized from the sale of the Municipal Light Plant, and of any other property as determined by Council, after payment of any necessary expenses incident to such sale or sales. Said Fund shall be deposited in trust for the purposes of this section, in a bank or banks which are members of the Federal Deposit Insurance Corporation, and shall be continually secured by direct or indirect obligations of the United States of a market value at least equal to the amount on deposit, provided, however, that until such Fund, or any part thereof or interest thereon, is expended in accordance with the provisions of this section, any balance may be invested in such direct or indirect obligations of the United States as may be determined by the Committee herein established, or in certificates of deposits of banks approved by said Committee, or in bonds or notes which are obligations of the Municipality. Said Municipal Trust Fund shall be administered by a Committee hereby created and designated the Finance Committee which shall consist of, ex officio, the Mayor, the City Manager and the Finance Director, and four other members who shall be appointed by and whose tenure shall be fixed by Council, one of whom shall be an officer of a local bank, another a resident freeholder of the Municipality, another an officer of a bank located outside the corporate limits of the Municipality and the fourth an attorney who need not be a resident of the Municipality. Said Committee shall have power to act upon the concurrence of a majority of its members. The income received from said Fund may be used as appropriated by Council, provided, however, that no expenditure of any moneys representing the capital of said Fund shall be made without the recommendation concurred in by at least six members of said Committee, the affirmative vote of three-fourths of all members elected to Council, and the affirmative vote of a majority of the electors of the Municipality voting upon the question of such expenditure at a general or special election called for said purpose by ordinance, which ordinance shall prescribe the procedure under which said election may be held, provided, further, however, that said Committee shall have the authority, with the approval of Council, to enter into a trust agreement or agreements with a banking institution having appropriate trust powers, for the purpose of carrying out the intention of this section, which trust agreement shall not contain any provision inconsistent with this section.
(Amended Nov. 5, 1974)