Monterey Municipal Code Div. 4 Mary Jacks Thomas Trust Fund

There is hereby established a trust fund to be known as the “Mary Jacks Thomas Trust Fund.”

All money received from the trust created under the last will and testament of Mary Jacks Thomas shall be deposited in the Mary Jacks Thomas Trust Fund and the City Finance Director shall place such funds in such depositories, or invest such funds in such securities as are approved by the laws of the state.

The money in the Mary Jacks Thomas Trust Fund shall be used for the purpose of creating or improving a park or recreation center or constructing or maintaining a public building in the City.

The City Council shall approve all expenditures from the Mary Jacks Thomas Trust Fund for purposes set out in the last will and testament of Mary Jacks Thomas. Prior to the expenditure of any money from such trust fund, the expenditure shall have the prior approval of a committee composed of the then presiding Judge of the Superior Court of the County, the Chairman of the Planning Commission, and President of the Monterey History and Art Association and the corporate trustee.