Chapter 3.40
FOSTER CITY FOUNDATION

Sections:

3.40.010    Established.

3.40.020    Acceptance of gifts.

3.40.030    Separate fund created.

3.40.040    Use of gifts—Determination.

3.40.010 Established.

There is established the Foster City Foundation, a charitable trust for the purpose of receiving gifts to be used exclusively for public purposes to benefit Foster City and its residents. The members of the Foster City city council shall constitute the trustees of the foundation and each councilmember shall serve as trustee concurrently with their term as councilmember. (Ord. 471 § 1 (part), 1999)

3.40.020 Acceptance of gifts.

The Trustees will accept gifts to the foundation to be used exclusively for public purposes which in the opinion of the trustees will be beneficial to the city and will not expose the city to unacceptable litigation or liability because of the physical condition of the property or the existence of claims, liens and encumbrances against the property. (Ord. 471 § 1 (part), 1999)

3.40.030 Separate fund created.

All gifts of any kind or nature shall be kept in a separate fund called the Foster City Foundation Fund and shall not be co-mingled with the general fund moneys of the city or the Estero Municipal Improvement District. (Ord. 471 § 1 (part), 1999)

3.40.040 Use of gifts—Determination.

The use of the gifts shall be determined by the trustees. The trustees shall attempt to carry out the wishes of the donor of the gift. However, where this is not possible the doctrine of Cy Pres shall apply. (Ord. 471 § 1 (part), 1999)