Chapter 1.80
PARKS ENDOWMENT FUND

Sections:

1.80.010    Fund created – Source.

1.80.020    Use of fund.

1.80.010 Fund created – Source.

There is created and established within the budget of the city of Hoquiam a fund to be known and designated as the “parks endowment fund,” into which may be transferred all gifts, devises, bequests of money or property, either real or personal, received by the city for the benefit of the city parks, recreation facilities or recreation programs, which may be invested pursuant to RCW 35.39.030. The city finance director shall at all times keep accurate books of account of all transactions in said fund. Interest earnings will be transferred into special revenue fund 105. (Ord. 05-23 § 1, 2005).

1.80.020 Use of fund.

The earnings and interest from this fund shall be used solely for the maintenance, operation, repair, upkeep or improvement of the parks, or for recreation and program activities of the city of Hoquiam. The principal of the endowment fund shall not be invaded. Disbursement from the fund shall be made by appropriation of the city council. (Ord. 05-23 § 1, 2005).