The text
4-8-1 - Purpose.#
In 1993, Alan and Kay Blood executed a Gift Agreement pursuant to the terms of which was established an Endowment Fund for the use and benefit of the Kaysville City Library. The Endowment Fund has been managed and controlled by the Kaysville City Library Board of Directors. Pursuant to the terms of a Merger Agreement between Kaysville City and Davis County with an effective date of July 1, 2006, the Kaysville City Library was merged into and became a part of the Davis County library system. Kaysville City has dissolved the Kaysville City Library and the Kaysville City Library Board of Directors. This Chapter establishes the Library Endowment Board.
4-8-2 - Library Endowment Board.#
1.
There is hereby established the Library Endowment Board to make decisions with respect to the Endowment Fund according to the terms and provisions of the Gift Agreement, City ordinances and state law. The governing body of Kaysville City is hereby designated as the Library Endowment Board.
2.
Each Board member shall serve without compensation, but their actual and necessary expenses incurred in the performance of their official duties may be paid by the City.
4-8-3 - Responsibilities of Library Endowment Board.#
The Library Endowment Board shall: 1.
Adopt bylaws, rules and regulations governing the operation of the Library Endowment Board.
2.
Give direction to the City Treasurer for investment of the principal of the Endowment Fund.
3.
Make decisions with respect to expenditure of the income from the Endowment Fund.
4-8-4 - Investment of Endowment Fund.#
Investment of the Endowment Fund shall be in compliance with the State Money Management Act. The Library Endowment Board shall give investment directions to the Kaysville City Treasurer. The City Treasurer shall then implement such directions provided such action can be taken in accordance with the State Money Management Act. The Library Endowment Board shall not invest the Endowment Fund except through the City Treasurer.
4-8-5 - No Commingling of Funds.#
The Endowment Fund shall be kept in a separate account ledger apart from Kaysville City funds.
4-8-6 - Acceptance of Other Contributions.#
The Library Endowment Board may receive other funds from any other source subject to the provisions of this Chapter. The Endowment Fund may be combined with other funds from other sources. Such funds shall be treated in the same manner as the Endowment Fund.
4-8-7 - Annual Report.#
The Library Endowment Board shall prepare a written Annual Report on or before June 30th of each year. The Annual Report shall contain such information as the Board deems pertinent to the Endowment Fund.