Chapter 3.08
SPECIAL FUNDS

Sections:

3.08.010    Library sinking fund.

3.08.130    Olive E. Manela trust fund – Established.

3.08.140    Olive E. Manela trust fund – City acceptance – Use specified.

3.08.230    Bancroft bond redemption fund – Created – Deposits and expenditures authorized.

3.08.010 Library sinking fund.

There is hereby created a fund which shall be known as the “Library Memorial Fund” for the purpose of receiving moneys and making expenditures therefrom which shall be used for the purchase of memorial books to be selected by the librarian or the Library Board. (Ord. 5013 § 1, 1992; Ord. 2826 § 1, 1961).

3.08.130 Olive E. Manela trust fund – Established.

There is established a trust to be known as the “Olive E. Manela Trust.” (Ord. 3849 § 1, 1975).

3.08.140 Olive E. Manela trust fund – City acceptance – Use specified.

The City does accept the devise and bequest of Olive E. Manela with the income from the trust to be used for the purchase of educational, scientific and religious works. The selection of the books and tracts acquired shall be made by the librarian and subject to the approval of the members of the Library Board. (Ord. 3849 § 2, 1975).

3.08.230 Bancroft bond redemption fund – Created – Deposits and expenditures authorized.

(1) There is created a fund which shall be known as the “Bancroft Bond Redemption Fund” for the purpose of receiving money paid on account of installments and interest on unpaid installments and disbursements to satisfy interest and principal due on improvement funds as authorized under ORS 223.285.

(2) The City Recorder is directed to place all money received through Bancroft bonding in the fund herein created, and to make expenditures for interest and principal from the fund. (Ord. 5013 § 1, 1992; Ord. 4122 §§ 1, 2, 1978).