(A) The Board of Directors of the Municipal Civic and Cultural Fund, upon receiving interest from the proceeds as invested hereby pursuant to the last will and testament of Roscoe Misselhorn, deceased, shall pay over to the Misselhorn Art Foundation all income received thereby as requested, subject to the provisions stated herein. The Board of Directors of said Municipal Civic and Cultural Fund shall maintain two accounts with respect to the Misselhorn Art Foundation Trust Fund. One account shall be designated the “investment account” and the second account to be designated an “income account”. All moneys received by the City Clerk and City Treasurer from the estate of Roscoe Misselhorn, deceased, shall be deposited in the investment account from which investments shall be purchased. Not less than 10% of the income received annually shall be deposited into the investment account and not withdrawn therefrom. The balance of the income received from investments shall be deposited into the income fund as directed by the Misselhorn Art Foundation Board of Directors. The Municipal Civic and Cultural Fund Board of Directors may establish and maintain other accounts as may be necessary to carry out the purposes of this subchapter.
(B) It is further acknowledged and agreed by the City Council that said trust fund income proceeds shall not be utilized for the maintenance or repair of the Misselhorn Art Foundation depot building or grounds located on West Second Street in the city; unless, however:
(1) The Misselhorn Art Foundation Board of Trustees adopts a resolution calling for such an expenditure; or
(2) The balance of the income account of the Foundation Trust Fund exceeds the sum of $25,000 after deducting the expenditure of all budgeted items of the Foundation for the current fiscal year.
(1994 Code, § 36.48) (Ord. 97-10, passed 12-23-1997)