A. A separate single investment account recommended by the finance director with concurrence by the city manager, and approved by the city council by majority vote, will be established for holding the Bethel endowment fund principal.

B. The city manager is directed to prepare the annual budget for submission to the city council not later than the fifteenth day of March of each calendar year. Concurrently, the city manager shall cause to be introduced an ordinance proposing an appropriation to the general fund of monies in an amount equal to seventy (70) percent of the endowment fund’s net income of the previous fiscal year. In the event that there were no earnings from the previous fiscal year, no appropriation to the general fund will be proposed.

C. The city of Bethel finance director, or the assistant finance director in the absence of the finance director, will submit a complete written disclosure of the status of the Bethel endowment fund monthly to the city council. A copy of this disclosure will be provided to the city manager. [Ord. 08-19 § 2.]