Sec. 2-194. - Creation of fund; exempt from taxation.

(a)

All funds collected by virtue of the city's bonding authority for the purpose of financing the activities of the land trust under this division, any applicable federal or state funds, and funds received under the provisions of section 2-193 of this division shall be deposited in a fund for the land trust to be established by the treasurer of the city. Additional monies or other assets received as voluntary contributions, grants or loans, funds appropriated to the land trust by vote of the city council, or proceeds from the disposal of real property or interests shall be deposited into such account. All expenses lawfully incurred by the land trust in carrying out the provisions of this division shall be evidenced by proper vouchers and shall be paid by the treasurer of the city only upon submission of warrants duly approved by the land trust and the city council. All investment income shall accrue for the benefit of the land trust.

(b)

The trust and all its revenues, income, and real and personal property used by the trust for furtherance of its public purposes, shall be exempt from taxation and the trust shall not be required to pay any tax, excise or assessment to the state or any of its political subdivisions; provided however, any land acquisition or transaction of any nature that results in the removal of property from the tax rolls shall be subject to the approval of the majority of the city council.

(Rev. Ords. 1987, § 2-194)