The custodian of the funds referred to in Section 208.04 shall hold in safekeeping cash, securities and/or other assets comprising the Trust Principal Account, shall collect interest and/or dividends and any and all other income produced by the Account; shall pay to the Village, monthly, the net income of the Account, which shall be deposited by the Fiscal Officer to the account known as the “Samuel K. Hine Memorial Fund - Income Account”; shall keep a complete record of the assets in the Account and the receipts and disbursements thereof and shall furnish statements and accounts thereof upon request and at least annually; shall purchase or sell, or present for exchange or redemption, as agent of the Village, such investments as Council shall designate by resolution; shall make such transfers of funds and investments as Council may by resolution direct; and shall further service the Account as Council may direct.
(Ord. 429. Passed 9-1-59; Ord. 1420-12. Passed 10-30-12.)