The city, a municipal corporation, shall be at all times considered the Trustee of all funds received by the Trust Fund, to be administered by the city by and through the Board of Trustees, as above established. An annual accounting of all funds received by the Trust Fund and paid out therefrom, the income thereon and the expenses relating to the Trust Fund, shall be included in the annual city audit. The city shall at all times be considered the owner of all funds received by the Trust Fund, to be held in trust for the uses and purposes hereinbefore stated and described.
(Ord. 162, passed 12-5-1977)