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.