[Ord. No. 1923, 8-6-1985]
There is hereby established as a separate fund of the City of
Lake Oswego for the benefit of the Lake Oswego Public Library, a fund
designated as the "Library Endowment Fund" (Fund).
[Ord. No. 1923, 8-6-1985]
The City may accept for the benefit of the Fund any type of
gift, devise or bequest of money or property and may place in the
fund such City resources as it deems advisable. However, if any donation
to the Fund 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
Library Board, may refuse to accept any gift, devise or bequest.
[Ord. No. 1923, 8-6-1985]
1.
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 and City resources other than Fund income placed
in the Fund. All income from the assets of the Fund is Fund income.
2.
Fund
principal may only be used for capital expenditures of direct benefit
to the Lake Oswego Public Library. Principal funds may be used only
after the Library board has so recommended.
3.
Fund
income is to be used to enhance the services, materials, equipment
or facilities of the Lake Oswego Public Library. In the annual City
budget process, Fund income shall not be considered as a substitute
or alternative revenue source for funding the level of library services
which would otherwise be deemed appropriate to be funded by the City
using other available revenue sources. Subject to any other requirements
of law, all expenditures of Library Endowment Fund income shall be
as approved by the City Council upon the recommendation of the Library
board. Prior to expenditure of income from the Library Endowment Fund
a proposal shall be submitted by the Library Board to the City Council.
[Ord. No. 1923, 8-6-1985]
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 donors, 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. 1923, 8-6-1985]
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. 1923, 8-6-1985]
In the event the Lake Oswego Public Library, or similar successor
institution, ceases to operate, the City Council may terminate the
Fund and dispose of Fund assets in any lawful manner for the support
of library services.
