A.
The municipality owns and operates the municipal parks and recreational areas. The Council, for the purpose of defraying the cost of the management, maintenance and improvements of the parks and recreational areas of the municipality, may each year levy a tax not exceeding the maximum prescribed by state law on the actual valuation of all real estate and personal property within the municipality that is subject to taxation.
B.
The revenue from said tax shall be known as the "Park Fund" and shall include all gifts, grants, deeds of conveyance, bequests or other valuable income-producing personal property and real estate from any source for the purpose of endowing the parks and recreational areas. The Park Fund shall at all times remain in the custody of the City Treasurer.