CHAPTER 190
Trust and Agency Funds

190.01   Definitions.

190.02   Establishment.

190.03   Administration.

190.04   Disestablishment.

190.05   Continuation and application.

   CROSS REFERENCES

   Deposit of funds - see ADM. Ch. 191

   Disbursement of funds - see ADM. Ch. 193

190.01. Definitions.

   (a)   Trust funds. Funds used to account for assets held by the City in a trustee capacity for individuals, private organizations, other governments and/or other funds.

   (b)   Agency funds. Funds used to account for assets held by the City as an agent for individuals, private organizations, other governments and/or other funds.

   (c)   Inactive account. An account wherein no transactions have occurred within a twelve month calendar year as of December 31, except as to those accounts identified as inactive by the Director of Finance pursuant to the provisions of Section 190.04(a).

(Ord. 712-86. Passed 9-16-86.)

190.02. Establishment.

   Whenever it is determined that there is a need for the creation of a trust fund account or agency account, there shall be presented to Council proposed legislation establishing the account. The proposed legislation shall:

   (a)   Set forth the title of the trust fund or agency fund account in the caption of the ordinance.

   (b)   State the specific purpose of the trust fund or agency fund account, the sources and uses of the funds.

   (c)   Identify the cognizant department director and/or controlling board and/or advisory board designee as the authorized signatories on all requisitions, requests for checks, encumbrance forms, transfer forms or other documents which expend, transfer or encumber trust fund or agency fund accounts.

(Ord. 712-86. Passed 9-16-86.)

190.03. Administration.

   The provisions of Chapters 187, 191 and 193, Toledo Municipal Code, shall apply to the depositing, accounting and expending of funds provided for in this chapter.

(Ord. 712-86. Passed 9-16-86.)

190.04. Disestablishment.

   (a)   The Director of Finance shall, within sixty days of enactment of this chapter, present to Council for its consideration legislation which provides for the disestablishment of inactive trust fund and agency fund accounts and the transfer of residue funds to the General Fund of the City, or in the case of State or Federal grant funds, the return to the grantor.

   (b)   Thereafter, on or before March 15, 1987 and March 15 of each and every succeeding year, the Director of Finance shall present to Council for its consideration legislation which provides for the disestablishment of inactive trust fund and agency fund accounts and the transfer of residue funds to the General Fund of the City, or in the case of State or Federal grant funds, the return to the grantor.

(Ord. 712-86. Passed 9-16-86.)