(a) The Trustee, acting through the City Manager, shall hold and administer the Fund, and shall have full power to invest the assets of the Fund in real estate or bonds and such securities, and to transfer, convey and dispose of the same upon the terms, and in the manner, and for the prices as the Trustee shall deem wise and proper, except that the Trustee may sell only such real property as is not otherwise encumbered by deed or other lawful restriction, and is not part of the funds of the Trust; as to real property which is, or has been given as, part of the funds of the Trust, Trustee may convey same only as follows: (1) in exchange for, or as part of a unified transaction or series of transactions which shall result immediately in the Trust receiving real property of like or better quality than that which is so conveyed, in the discretion and opinion of the Trustee or (2) if such conveyance is to a qualified tax-exempt entity whose primary purpose is land conservation, preservation of the natural environment, or other purpose consistent with the purposes of the Trust.
(b) Conforming to the limitations in this section, the Trustee is invested with full power and authority to invest and reinvest all or any part of the Fund upon such terms and for such length of time as the Trustee shall deem necessary and proper. It being intended, subject to the limitations in this section, to give the trustee full and complete authority to hold, possess, manage, control, sell, convey, encumber, lease, in vest and reinvest the whole and every part of the Fund according to Trustee's judgment and discretion in accordance always with the provisions of this chapter.
(c) The Trustee is invested with power and authority to protect, exchange, partition, subdivide, grant and convey title or any lesser interest with or without covenants of warranty, lease for a term of years for any duration whatsoever or perpetually with or without privilege of purchase, and to do and perform any and all other proper acts in respect of any and all real estate or any interest therein and any improvements thereon, and to insure against fire or any other risks, maintain, repair, alter, improve, construct, reconstruct, or demolish such improvements in accordance always with the provisions of this chapter.
(d) Third parties dealing with the Trustee need not inquire as to the application of moneys received by it , nor as to Trustee’s authority to take action with respect to the assets of the Fund in accordance always with the provisions of this chapter.
(e) The Trustee is directed to charge all premiums on investment against principal. Any and all cash dividends, whether ordinary or extraordinary, shall be considered as income and any and all stock dividends or other things of value normally considered as corpus and shall be added to the capital of the Fund. The Trustee, in Trustee’s discretion, may apportion to principal or income any expenditure which in his opinion should be so apportioned, notwithstanding any legal rule to the contrary.
(f) The Trustee may deduct, retain and reimburse itself for all costs, taxes, damages and assessments as may be due against the Fund, or which it may have paid or been put to by reason thereof. (Ord. 05-2018. Passed 5-21-18.)