[Adopted 10-4-2010]
There is hereby established a special fund to be known as the "Brookside and City Parks Restoration and Improvement Fund."
There shall be deposited into said fund all moneys received by the City, from whatever source and by whatever means, as gifts or as government grants for the purpose of restoring, preserving, improving and maintaining Brookside Park and City Park, and all funds duly appropriated to said fund by the direction of the City Council.
Said fund shall be in the custody of the Finance Director of the City. All or any part of the fund may, from time to time, be invested in any securities in which public funds may be invested. All income derived from such investments shall be paid into said fund and become a part thereof. The money so invested shall at all times be subject to withdrawal from such investment for use as provided in this article.
The Finance Director annually shall submit to the City Council Parks and Recreation Committee or its successor, and to the Director of Parks, Recreation and Public Buildings, a complete and detailed report of the condition of said fund.
Upon authorization by the City Council, sums from said fund may be used for capital and nonrecurring expenses incurred in the restoration, preservation, improvement or maintenance of Brookside Park and City Park.
No budget proposed or approved, or appropriations made, for park or recreational purposes shall hereafter be reduced, ratably or otherwise, in consideration of any sums in said fund.