(a) The proceeds from the sale of an artwork, after deducting the expenses of the sale, and honoring any contractual obligations which may exist, shall be deposited in an appropriate account or accounts within the Department of Natural Resources, established for the purpose of receiving public art funds, to be disbursed consistent with the Art in Public Places Program.
(b) Any work of art that is an asset of a revenue bond or voter-approved general obligation bond fund may be replaced by exchange for one or more other works of art of an aggregate equivalent value, and may not be disposed of as surplus or deaccessioned property without being so replaced until after the redemption date for all bonds of the particular bond issue that served as the revenue source for the acquisition of such work of art.
(Ord. 612-92. Passed 9-1-92.)