[Adopted 11-13-2014]
There is hereby established a special fund to be known as the
"Falcon Field Improvement and Maintenance Fund."
There shall be deposited into said fund all moneys received
by the Friends of Falcon Field as facility rental income, gifts or
contributions from other sources and supporters for the purpose of
restoring, preserving, improving and maintaining Falcon Field and
all funds duly appropriated to said fund at 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 the 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.
The Treasurer shall annually submit to the City Council, Director
of Parks and Recreation and the Friends of Falcon Field a complete
and detailed report of the condition of said fund, which report shall
be made part of the annual financial report of the City.
Upon authorization of the City Council, the money in said fund
may be used for the capital and maintenance needs of Falcon Field.
