(A) Amendment. This Trust may be amended by the City Commission of the city at any time and in any manner permitted by applicable law and not inconsistent with GASB 43 and 45 or Internal Revenue Code § 115. Notice of such amendment shall be promptly provided to the Investment Advisor, Custodian or other contractor as may be appropriate.
(B) Irrevocability. This Trust is hereby irrevocable.
(C) Dissolution/termination. The Trust shall have perpetual existence, except if dissolved by the city. Following any such dissolution, the Trustees shall proceed to wind up the affairs of the Trust in an orderly manner and within a reasonable period of time, considering relevant circumstances. All of the powers of the Trustees under this subchapter shall continue until the affairs of the Trust have been completely wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, exchange or otherwise dispose of all or any part of the remaining property of the Trust to one or more persons at public or private sale (for consideration which may consist in whole or part of cash, securities or other property of any kind), discharge or pay its liabilities, defend or prosecute suits or administrative proceedings and do all other acts appropriate to the winding up and liquidation of the property and affairs of the Trust. After paying or making reasonable provision for the payment of all liabilities of the Trust, and upon receipt of such releases, indemnities or like documentation as the Trustees may reasonably deem necessary for the protection of the Trustees and the Trust, the Trustees shall distribute the remaining property of the Trust, in cash or in kind or partly each, to the city.
(Ord. 1598, passed 12-3-07)