Chapter 4.13
LIBRARY TRUST FUND
Sections:
4.13.010 Purpose.
There is established as a separate account the Skagway Library Trust Fund. The primary purpose of the Fund is to provide interest revenue for the purchase of library materials.
(Ord. 91-9, Added, 04/04/1991)
4.13.020 Fund management.
A. Fund principal shall not be spent, but shall be held perpetually in trust for the benefit of the present and future generations of Skagway residents.
B. Fund interest may be spent for library materials such as books, periodicals and audio/ visual material. Neither Fund principal nor interest shall be spent for salaries, operational expenses, maintenance or capital improvements.
C. The Library Board shall approve all expenditures of Fund interest in accordance with the purpose of the Fund. The Library Board shall advise the borough manager in the administration of the Fund. Fund monies shall be managed and invested according to the prudent man rule, as defined in Section 4.12.020.
D. Donations, contributions and other monetary gifts may be accepted into the Fund principal.
(Ord. 11-12, Amended, 07/07/2011; Ord. 91-9, Added, 04/04/1991)