(A) (1) There is hereby created for the city a Board of Public Trust with the powers and duties herein set forth. The Board of Public Trust of the city shall be designated the Board of Public Trust of Ravenna, Nebraska.
(2) The Board of Public Trust shall consist of five members, who shall be resident freeholders of the city. The members shall be elected by the City Council. The term of office of each member shall be five years, except at the time of the establishment of the Board of Public Trust, one member shall be elected for a term of office of one year, one for a term of two years, one for a term of three years, one for a term of four years, and one for a term of five years. Thereafter, one member shall be elected each year for a term of five years.
(3) Vacancies in the membership of the Board shall be filled in like manner as regular members of the Board are elected.
(4) It shall be the function and duty of the Board of Public Trust to receive, control, manage, and safeguard all donations in trust to the city in conformity with any instrument or instruments creating such public trust funds.
(`77 Code, § 2-213) (Ord. 245, passed 5-10-71)
(B) (1) The Ravenna Emergency Unit Fund is hereby created. Such Fund shall consist of all contributions to and fees charged by the Board of Public Trust of the city for the use of emergency units in transporting persons. All such amounts raised by the Ravenna Emergency Unit Fund are hereby donated, in trust, to the Ravenna Board of Public Trust as established by division (A) above for the purposes enumerated below, and under the terms and conditions for management as set forth below.
(2) The permissible uses of such trust fund raised by the Ravenna Emergency Unit Fund shall be the following:
(a) The purchase of emergency units, or any parts thereof, or equipment for such units;
(b) The repair and maintenance of such emergency units; or
(c) Any other purposes as set forth from time to time by ordinance of the Mayor and City Council.
(3) The Board of Public Trust shall have the duty to invest the funds raised by the Ravenna Emergency Unit Fund in investments of the nature which men of prudence, discretion and intelligence acquire or retain in dealing with the property of another, as required by Neb. RS 30-3201. The income from such investments shall likewise be invested by the Trustees. The Board of Public Trust shall pay over such trust funds and the income therefrom to the city upon the vote of the Ravenna City Council to expend such funds for the uses and purposes set forth above; provided, however, expenditures of $500 or less need not be approved by the City Council. The trustees shall pay and disburse such portions of the income and the corpus at such times and in such amounts as shall from time to time be ordered or directed by the City Council. The Trustees shall be fully protected in acting upon any such order or direction of the City Council, and shall not be responsible for any act or omission of the City Council.
(`77 Code, § 2-214) (Ord. 290, passed 5-12-77)
Statutory reference:
Authorization for board of public trust, see Neb. RS 17-501