Chapter 2.69
RICHARD P. LAFROMBOISE MEMORIAL FUND

Sections:

2.69.010    Created.

2.69.020    Source – Investment – Administration.

2.69.030    Status.

2.69.010 Created.

There is created a fund entitled “Richard P. LaFromboise Memorial Fund”. (Ord. 1565 § 1, 1987).

2.69.020 Source – Investment – Administration.

The $100,000 received from the estate of Clarence B. LaFromboise is to be deposited in the Richard P. LaFromboise memorial fund, which is to be held in trust by the city council as trustees with the net income therefrom to be used for such library purposes as the city council, acting as trustees for the fund, shall deem proper. The principal of the fund may be invested in the city’s general obligation bonds or local improvement bonds if the council so desires. The city council shall designate a committee comprised of the president of the Enumclaw library board, the mayor of Enumclaw, and the president of First National Bank of Enumclaw to administer the application of the fund available through said trust. (Ord. 1565 § 2, 1987).

2.69.030 Status.

The sums earned by this fund shall not be considered a portion of any usual budgeted items or usual income to the city of Enumclaw in behalf of the library. (Ord. 1565 § 3, 1987).