Long Beach Municipal Code Ch. 3.72 Tennis Trust Account

There is created and established within the recreation fund a special account to be known as the tennis trust account. All revenue derived by the Recreation Commission from tennis concession privileges at Billie Jean King Tennis Center in Recreation Park and El Dorado Park Tennis Center shall be deposited in the tennis trust account. Gifts, legacies, bequests or other revenue from individuals or organizations to the Recreation Commission may, at the direction of the Recreation Commission by order entered upon its minutes, be deposited in the tennis trust account, unless prohibited by the terms of a particular gift, legacy, or bequest. If not used during any current year, the moneys shall accumulate in the tennis trust account. All interest derived by investment of moneys in the tennis trust account shall accrue solely to the tennis trust account. All expenditures from the tennis trust account shall, in accordance with the Charter of the City, be expended for the purchase, maintenance, operation or improvement of grounds, buildings, structures, equipment or facilities for public tennis at Billie Jean King Tennis Center in Recreation Park and El Dorado Park Tennis Center.

(Ord. C-5305 § 1, 1977: prior code § 7430)