The Board of Directors of the Municipal Civic and Cultural Fund shall maintain a record of all investments of said Misselhorn Art Foundation Trust Fund and shall cause an audit of such Fund and accounts to be made by an accountant employed by the city and retained independently by the Board on an annual basis. In addition to the audit, the Board shall cause a report to be prepared of all investments with sufficient description to identify the same containing the income receipts from each investment and other such information to provide a full disclosure of all investments then currently held by the Board. Said report shall contain additional information as may be requested from time to time hereafter by the City Council and the Misselhorn Art Foundation and such report shall be distributed on a regular basis to the Board of Trustees of the Misselhorn Art Foundation and Mayor and City Council.
(1994 Code, § 36.49) (Ord. 97-10, passed 12-23-1997)