(A) The Common Council of the city hereby accepts the donation of funds from the distribution of proceeds from the William L. Altherr Living Trust.
(B) There is hereby established a William L. Altherr Park Fund account for the receipt and disbursement of these funds.
(C) The fund shall be used for the express purpose of establishing a Family Oriented Nature Park. Until such time as the Family Oriented Nature Park is established, the interest generated from the share of net proceeds of the trust may be used for improvements at existing parks as the Monticello Park Board of Directors shall deem best, with any interest not used for the improvements in any given year becoming a part of the principal.
(D) The Clerk-Treasurer shall set up a separate account(s) at a financial institution(s) to deposit the share of net proceeds, and interest earned thereon, and shall not co-mingle these deposits with any other cash assets of the Monticello Park Board or the city.
(E) The Clerk-Treasurer of the city upon receipt of a properly detailed invoice shall pay such invoice in accordance with the stipulations contained in division (C) and in such manner as the accounts payable schedule of the city.
(Ord. 2006-08, passed 4-3-06)