(A) The city shall establish an endowment fund and pay the sum of $500,000 to the Ohio County Community Foundation, upon the execution of a designated endowment fund agreement containing in substantially similar form the following provisions:
(1) Contributions to the fund shall become permanent endowment funds.
(2) Income earned on the fund during each calendar year shall be available for distribution (after deduction for administrative expenses) to the city, upon request of the fiscal officer as directed by the governing body. Any income not distributed by December 31 of each calendar year shall thereupon become part of the permanent principal endowment.
(3) Distributions of income to the city may be used for any government purpose.
(B) The city shall continue the endowment fund established in (A) above and pay the sum of $500,000 to the Ohio County Community Foundation, pursuant to the designated endowment fund agreement.
(Ord. 1999-12, passed 12-29-99; Am. Ord. 2000-12, passed 12-19-00; Am. Ord. 2001-6, passed 12-17-01; Am. Ord. 2002-7, passed 12-5-02; Am. Ord. 2003-6, passed 12-29-03; Am. Ord. 2004-19, passed 1-6-05; Am. Ord. 2005-10, passed 12-22-05)