[Adopted 8-4-1986]
There is hereby established a special fund which shall be known as the "Castle Craig Restoration, Preservation, Improvement and Maintenance Fund."
There shall be deposited in said fund all moneys received by the City, from whatever source and by whatever means, as gifts for the purpose of restoring, preserving, improving and/or maintaining Castle Craig; all moneys received by the City, from whatever source and by whatever means, as government grants or loans for the purpose of restoring, preserving, improving and/or maintaining Castle Craig; and all moneys duly appropriated to said fund by the direction of the City Council.
Said fund shall be in the custody of the Treasurer of the City. All or any part of the moneys in said fund may, from time to time, be invested in any securities in which public funds may lawfully be invested. All income derived from such investments shall be paid into the fund and become a part thereof. The moneys so invested shall at all times be subject to withdrawal from such investment for use as provided in this article.
Annually, the Treasurer shall submit to the Director of Parks and Recreation and to the City Council a complete and detailed report of the condition of said fund, which report shall be made part of the annual report of the City.
Upon authorization of the City Council, the money in said fund may be used for capital and nonrecurring expenses incurred in the restoration, preservation, improvement and/or maintenance of Castle Craig and its environs.
No budget proposed or approved or appropriation made for park or recreational purposes shall hereafter be reduced, ratably or otherwise, in consideration of any moneys in said fund.