Monterey Municipal Code Div. 3 Scholze Park Trust Fund and Scholze Children’s Playground Trust Fund

There are hereby established two trust funds, the “Scholze Park Trust Fund,” which is to be used for improving and maintaining parks owned by the City within the City, and the “Scholze Children’s Playground Trust Fund,” which shall be used for building, equipping and maintaining children’s playgrounds within the City.

All stocks, bonds, cash and personal property received by the City from the Scholze Estate shall be divided equally between the two trust funds established in this Division and the income from each trust fund shall be deposited in the trust fund earning the same.

The income from the trust funds established in this Division shall be budgeted each year for the purposes set out in Section 12-9 and none of the capital of such trust funds shall be expended.

(Ord 3394; 10/07)

The Finance Director shall retain the corpus presently held in the trust funds established in this Division and invest or re-invest any money available for investment in such trust funds only in securities allowed by the City’s Investment Policy.