(A) There is hereby established a perpetual care fund in the village which shall be known as the Mary Fate Park Perpetual Care Fund.
(B) All income derived from gifts, donations, devises and bequests and designated for perpetual care of Mary Fate Park shall be deposited in the Mary Fate Park Perpetual Care Fund and shall be perpetually and forever maintained in such Fund. The principal of such Fund shall never be dissipated or used for any other purpose.
(C) The Mary Fate Park Perpetual Care Fund shall be deposited in the Mary Fate Park Perpetual Care Fund Account, which shall be maintained in the name of the village in a bank deposit separate and distinct from all other funds of the village.
(D) An accounting or record shall be kept by the Fiscal Officer specifying all deposits, investments and withdrawals made by the Fiscal Officer.
(E) The Fiscal Officer shall invest the moneys in the Fund from time to time in interest bearing obligations of the village, state and federal governments, in accordance with the laws of the state and at the direction of Council.
(F) Interest income or other increments shall be paid into the Park Operation Fund annually by the Fiscal Officer and the Fiscal Officer is hereby authorized to disburse such funds to pay operating expenses.
(Ord. 14-2019, passed 9-10-19)