Sec. 2-192. - Election of officers; reports; rules and regulations; budgets.

(a)

The trustees shall annually elect a chair and vice-chair from their members and shall appoint a secretary who may either be a member or a nonmember. Copies of all meeting minutes shall be submitted to the mayor for distribution as he shall see fit and shall be filed with the city clerk.

(b)

The trustees shall adopt reasonable rules and regulations governing the conduct of land trust affairs, including the acquisition and management of its holdings, not inconsistent with the provisions of this division. All rules and regulations of the land trust are subject to the approval of the city council. Decisions of the trustees shall be by majority of those present and voting, except that decisions on the acquisition of land, easements conservation restrictions, rights-of-way and other uses referred to in section 2-189 of this land trust shall be by majority vote of all trustees.

(c)

The trustees shall prepare a budget that shall be submitted to the mayor for review and approval and then be presented to the city council for adoption. The funds so authorized will be paid by the city treasurer in accordance with the usual procedures of the city. All funds that are released for land acquisition by this land trust can only be released after a public hearing requiring two weeks of advertising, and approval by a majority of the trustees.

(Rev. Ords. 1987, § 2-192; Ch. 877, § I, 6-6-23)