(A) There is hereby established as a separate fund of the city, for the benefit of the public library, a fund to be designated as the “Library Trust Fund.”
(B) The Library Trust Fund and the income therefrom shall be used exclusively for the benefit of the city’s public library for books, library materials, other property used by the library or capital improvements, but not including salaries of library personnel. Subject to any other requirements of law, all expenditures and disbursements from the Library Trust Fund shall be as approved by the Library Board.
(C) Assets of the Fund may be segregated into separate accounts, and such separate accounts may, for convenience or in order to comply with the conditions or requests of the donor, be designated by separate names. The assets of the various accounts may nevertheless be commingled as may be deemed expedient by the city for investment or accounting purposes.
(D) Assets of the Library Trust Fund, including all separate accounts thereof, if any, may from time to time be invested and reinvested in such depositories or securities as may be lawful for investment of city funds.
(Ord. 917, passed 10-1-1973)