There is hereby established the citizens’ benefit fund.
(Ord. 2788 § 1, 1994; Ord. 3388 § 1, 1999)
All net proceeds from the sale of any municipally owned hospital
shall be deposited in the citizens’ benefit fund. Private donations
may also be deposited in the citizens’ benefit fund if so specified
by the donor. Such proceeds shall be invested by the finance director,
who shall annually account for and report to the city council as to
the principal and annual earnings of said fund. The fund shall not
be commingled with any other monies of the city. The finance director
shall cause the fund to be audited each year.
(Ord. 2788 § 1, 1994; Ord. 3388 § 1, 1999; Ord. 3935 § 2, 2003)
Not less than 10 percent of the annual interest or earnings
of the citizens’ benefit fund as determined by the city council
shall be retained and added to the principal each year. The remainder
of the earnings may be expended in accordance with this chapter.
(Ord. 2788 § 1, 1994; Ord. 3388 § 1, 1999)
The city council may, after receiving the recommendation of
the Roseville grants advisory commission, annually appropriate up
to 90 percent of the annual earnings of the citizen’s benefit
fund for the purpose of improving the quality of life for the citizens
of the City of Roseville. Provided, however, that the city council
may, without the recommendation of the Roseville grants advisory commission,
annually appropriate a minor amount up to $15,000.00 of the annual
earnings for the purpose of improving the quality of life. Unappropriated
amounts will be carried forward to subsequent fiscal years; however,
at the discretion of the city, any unappropriated amount may be added
to the principal.
(Ord. 2788 § 1, 1994; Ord. 3388 § 3, 1999)
The principal amount of the citizens’ benefit fund shall
not be appropriated or expended unless a state of emergency has been
declared, no other funds are available and the expenditure has been
approved by a 4/5 vote of the city council. Any principal so expended
shall be repaid to the fund with interest at the rate earned by the
city on investments at the time of the loan and upon such other terms
as determined by the council at a public hearing.
(Ord. 2788 § 1, 1994; Ord. 3388 § 1, 1999)
A.
The
costs of administering this chapter and the Roseville grants advisory
commission shall not be charged to the fund unless approved by a 4/5
vote of the city council.
B.
Prior
to any action pursuant to this section by the city council, the Roseville
grants advisory commission shall first hold at least one public hearing
and forward to the city council a recommendation concerning what action,
if any, should be taken by the city council.
(Ord. 2788 § 1, 1994; Ord. 3380 § 1, 1999)
The finance director shall maintain a written record of each
private donation identifying the donor, the nature of the donation,
and the amount of the donation. The finance director shall on a monthly
basis provide an updated copy of this written record to the city clerk.
(Ord. 3935 § 3, 2003)
