§ 2-142. Administration.

Latest version.

(a)

Kirksville Trust accounts shall be established for receipt of unrestricted charitable contributions made to the Kirksville Trust. Assets in the Kirksville Trust shall be commingled and invested in a way that provides for the growth and security of the Kirksville Trust.

(b)

The city council or city manager may establish individual funds or accounts in the Kirksville Trust for special purposes or to receive restricted gifts or contributions. Restricted gifts or special purpose accounts shall be managed in a fiscally advantageous manner and in compliance with the restrictions or special purposes.

(c)

All Kirksville Trust assets shall be managed and accounted for according to procedures approved by the city manager. The city manager shall report the status of the Kirksville Trust to the city council annually.

(Ord. No. 11406, § 2, 9-7-99)

                    
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