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)