§ 19-60. Investments.

All conveyances of real estate shall be by deed or contract in the name of the city as trustee under the last will and testament of Ella W. Sharp, deceased. All investments shall also be made in the name of the city as trustee. The trustees shall keep a list of all investments and file a copy thereof in the office of the city clerk. The trustees shall report in writing to the city council, within thirty (30) working days, any investment or reinvestment of trust funds or of any sale or exchange of mortgages, bonds or securities, or of any other evidence of indebtedness held by them as such trustees. The principal of the trust fund shall forever be kept intact and invested as required by law. The income shall be expended only:

(1)

To guard, protect and preserve the property and investments of the trust,

(2)

For park construction and beautification,

(3)

For park maintenance and operation,

(4)

For park expansion, or

(5)

For addition to the principal of the trust fund.

(Code 1977, § 1.197; Ord. No. 98-7, § 10, 3-17-98)