(A) The Heritage Art Education Endowment Fund is hereby created. Funds contributed shall be invested and the principal shall remain intact in perpetuity. The principal shall be invested to produce earnings that shall be available exclusively to support youth-oriented arts programs and events.
(B) When the principal reaches a total of $500,000, interest from the principal shall be used to support youth-oriented arts programs and events which will no longer be funded through the Heritage Artwork in Public Places Fund.
(C) Donations may be made to this Fund by organizations, businesses, or individuals wishing to support arts programming for youth.
(1) Accounting. All monies contributed to this fund shall be deposited in a separate account entitled “Heritage Art Education Endowment Fund.” The City Manager or designee shall establish accounting records sufficient to identify and control these funds. The account containing these funds shall bear interest.
(2) Use of Fund. All monies in the Fund shall be used for children-oriented visual and performing arts education programs and events.
(3) Administration. The Heritage Art Education Endowment Fund shall be administered by the City Council. The HAAC shall make recommendations to the City Council concerning the use of these funds.
(4) Contributing funds. On annual basis, the HAAC may contribute funds to the Heritage Art Education Endowment Fund from the Heritage Artwork in Public Places Fund. From time to time, the HAAC may solicit contributions for this Fund. Additionally, the HAAC may apply for grants or other endowments to supplement this Fund.
(Ord. 909, passed 4-27-00; Am. Ord. 1018, passed 10-28-10; Am. Ord. 1054, passed 3-13-14)