(A) Establishment of Board of Trustees. There is established a Board of Trustees for the purpose of administering the funds of the Trust Fund in accordance with the purposes herein set forth. The Board of Trustees shall consist of five persons, who shall be the Mayor (ex-officio), the City Attorney (ex-officio), and three other members appointed by the City Council, all of whom shall be residents of the city, and one of whom shall be a member of the banking profession, one of whom shall be a member of the health or healing arts profession, and one of whom shall be a current member of the Park Board. The Mayor and City Attorney shall serve on the Board of Trustees so long as they hold public office, respectively, and the three remaining members of the Board of Trustees shall each serve on the Board for terms of one, two and three years, respectively, and thereafter each member and his or her successor in office shall serve for three-year terms. No member shall serve on the Board for more than nine consecutive years. The City Council resolution, require that the members be bonded in an amount determined by the Council in its discretion, at the sole expense of the city.
(B) Powers of Board of Trustees. The Board of Trustees shall have the power and authority to do any act or thing incidental to or connected with the foregoing purposes or in advancement thereof.
(C) Limitations on power of Board of Trustees. The Board of Trustees shall not engage in any activities, acts or actions which would make any investments of the funds of the Trust Fund in any manner subject to tax under Section 49.44 of the Internal Revenue Code of 1954 or any like or corresponding provisions of any subsequent federal tax laws; and shall not engage in any activities, acts or actions which might destroy the tax deductibility of gifts, bequests or devises be donors to the Trust Fund, it being the intent of the City Council that all such bequests, devices and gifts made and transferred to the Trust Fund by any donor, shall be deductible for income tax and death tax purposes.
(D) Board of Trustees may formulate by-laws for the conduct of its business. The Board of Trustees shall at all times have the power to make, establish and formulate by-laws and amendments thereto, for the efficient conduct of its business as authorized by this subchapter.
(Ord. 162, passed 12-5-1977)