Sacramento Municipal Code Ch. 3.48 Ann Land and Bertha Henschel Memorial Funds

There is created a special fund of the city to be known as, called and designated the "Ann Land memorial fund," into which there shall be paid, and to the credit of which there shall be placed upon the books of the city treasurer all moneys, which are or may be paid over to the city by the executors and executrix of the last will and testament and estate of William Land, deceased, in fulfillment and satisfaction of the gift, legacy and bequest made to the city in and by the provisions of the twenty-seventh paragraph of the last will and testament of William Land, deceased.

In addition, there is also created a special fund of the city to be known as, called and designated the "Bertha Henschel memorial fund," into which there shall be paid, and to the credit of which there shall be placed upon the books of the city treasurer all moneys, which are or may be paid over to the city by the executors of the last will and testament and estate of Bertha Henschel, deceased, in fulfillment and satisfaction of the gift, legacy and bequest made to the city in and by the provisions of the last will and testament of Bertha Henschel, deceased.

The two abovementioned funds are to be administered jointly by the Ann Land and Bertha Henschel memorial funds commission, but the funds are to remain separate. (Prior code § 60.05.020)

The Ann Land memorial fund and the Bertha Henschel memorial fund are determined and declared to be trust funds, and shall never be diminished or impaired. The principal sum thereof shall be invested to the best advantage by the city, and the interest accruing thereon shall be paid out, from time to time, under the supervision of the city council to the destitute men, women and children of the city in such manner as the council may deem most proper and beneficial. (Prior code § 60.05.021)

The Ann Land memorial fund shall be invested in any authorized investments designated for retirement system funds in Government Code Sections 45308.1 through 45308.55. (Prior code § 60.05.022)

The city treasurer shall be the custodian of all securities purchased with the moneys belonging to the Ann Land memorial fund and the Bertha Henschel memorial fund. It shall be his or her duty to receive and safely keep all papers and documents pertaining to any and all investments of the moneys of the funds, and to deliver the same to his or her successor.

It shall be the duty of the city treasurer promptly to collect all interest accruing upon any and all investments of the moneys belonging to such funds as the same falls due, and to pay the same into the city treasury, as soon as received, to the credit of such funds as the city council may create and establish for the purpose of disbursing such income in accordance with the wishes of the testators. (Prior code § 60.05.023)