[Ord. No. 2091, Repealed, 4-19-1994]
[Ord. No. 1995, 12-19-1989; Ord. No. 2161, Amended, 12-16-1997]
There is hereby established as a separate fund of the City of
Lake Oswego, a fund designated the "Public Safety Capital Equipment
Fund." This fund’s purpose is to acquire public safety capital
equipment in accordance with ORS 294.525, which deals with the establishment
of reserve or special funds.
[Ord. No. 1995, 12-19-1989]
Principal and income to this fund must be expended for public
safety purposes only.
[Ord. No. 1995, 12-19-1989]
The City Council may terminate this fund in a lawful manner
and dispose of fund assets for any lawful purpose.
[Ord. No. 1867, 6-21-1983]
There is hereby established as a separate fund of the City of
Lake Oswego for the benefit of the Adult Community Center a fund designated
the "Adult Community Center Endowment Fund" (The Fund).
[Ord. No. 1867, 6-21-1983]
The City may accept any type of gift, devise or bequest of money,
or property to the Fund and may place such City resources it deems
advisable in the Fund. However, if any such donation contains conditions
or restrictions on its use, other than a designation that it be placed
in the Fund, the conditions or restrictions must be reviewed by the
City Council prior to acceptance. The Council, after considering a
recommendation, if any, from the Adult Community Center Advisory Board,
may refuse to accept any gift, devise or bequest.
[Ord. No. 1867, 6-21-1983]
A separate accounting shall be maintained of the Fund principal
and of Fund income. The value of the Fund principal is the cumulative
value, or investment value, of all gifts. All income from the assets
of the Fund is Fund income.
[Ord. No. 1867, 6-21-1983]
Fund principal may only be used for emergency capital expenditures
of direct benefit to the Adult Community Center. Principal funds may
be used only after the Adult Community Center Advisory Board has so
recommended.
[Ord. No. 1867, 6-21-1983]
Fund income is to be primarily used for program expenses. Program
expenses include expenses directly related to classes, recreational
activities and social service activities such as materials and supplies,
transportation and personnel costs of instructors, performers or staff
directly involved with the particular program activity. If the program
expenses are fully funded, fund income may be used for general operation,
maintenance and capital costs of the Center.
[Ord. No. 1867, 6-21-1983]
Assets of the Fund may be segregated into separate accounts,
and such separate accounts may, for convenience or in order to comply
with the conditions or requests of the donor, be designated by separate
names. The assets of the various accounts may nevertheless be co-mingled
as may be deemed expedient by the City for investment or accounting
purposes.
[Ord. No. 1867, 6-21-1983]
Assets of the Fund, including all separate accounts thereof,
if any, may from time to time be invested and reinvested by the City
in such depositories or securities as may be lawful for investment
of City funds. The form of fund assets may be changed from time to
time.
[Ord. No. 1867, 6-21-1983]
In the event the Adult Community Center program, or similar
successor program, ceases to operate, the City Council may terminate
the Fund and dispose of Fund assets for any lawful purpose.
