§ 2-170.11. Nonreverting private gift, donation and bequest fund.

(a)

The private gift, donation and bequest fund is established within the City of South Bend to receive monies donated, given and/or bequeathed to the City of South Bend by private, nongovernmental persons including corporations, partnerships and similar entities.

(b)

The Controller shall use all monies deposited into this fund for the reasonable purpose(s) designated by the donor, if any, to the extent feasible, and any terms and/or conditions attached to the gift, donation and bequest shall be reviewed and approved by the City Attorney. The Common Council may reject any gifts.

(c)

The Controller shall deposit monies qualifying for this fund in the manner prescribed by IC 5-13-6-1 et seq., as if they were public funds, and may invest those monies as provided by the IC 5-13-9-1 et seq., with any interest deposited into this fund.

(d)

Appropriation of monies in this fund, whether or not designated by the donor for a specific purpose, shall require approval by the Common Council.

(e)

The Controller shall provide the Common Council annually with a list of all gifts, donations or bequests received and the amount of each.

(f)

The monies deposited in this fund shall remain in the fund and shall not revert to the general fund.

(Ord. No. 9870-08, § I, 10-27-08)