§ 3.08.010. Created—Powers and duties of city.

A.

The Garner Museum endowment fund trust is created. The city is willing and intends to act as, and is designated, trustee of the trust. The city, as trustee, is authorized and empowered to receive grants, gifts, and donations from any source for the maintenance and upkeep of Garner Museum, and for the acquisition and maintenance at the museum of historical or cultural artifacts, objects, and works.

B.

A person or other entity may donate money or property to the city for the purposes described in subsection A of this section. If property other than money is donated, the city has the right to liquidate the property, in its discretion, notwithstanding any contrary provision contained in the terms of any donative instrument.

C.

The city will invest all money, and the proceeds of any property, contributed to the trust in interest-bearing obligations of a municipality, state, or the federal government. Principal will not be invaded; net income will be applied by the city for the purpose of the trust.

(Prior code § 2-4)