Chapter 3.40
FUND ACCOUNTS

Sections:

3.40.010    Equipment replacement reserve.

3.40.020    Valdez Museum memorial endowment account.

3.40.010 Equipment replacement reserve.

A.    There is established in the major equipment fund an equipment replacement reserve. The amount of the equipment replacement reserve shall be based on the amount necessary to fund future equipment needs projected for all departments of the city.

B.    Any earnings from investment of monies accumulated in the equipment replacement reserve shall accrue to the equipment replacement reserve.

C.    All major equipment fund unexpended and unencumbered appropriations for equipment purchases shall at year end be lapsed into the equipment replacement reserve.

D.    Money in the reserve for equipment replacement shall be subject to appropriation and expenditure only for equipment replacement and purchases. (Ord. 00-07 §§ 3, 4; Ord. 93-04 § 12: prior code § 9-21.1)

3.40.020 Valdez Museum memorial endowment account.

A.    The Valdez Museum memorial endowment account is established as an asset of the city of Valdez, Alaska. The asset is to be held perpetually and invested for the benefit of the Valdez Museum. The endowment account will be administered in accordance with provisions of this chapter of the Valdez Municipal Code.

B.    The Valdez Museum memorial endowment account is incorporated into the city of Valdez permanent fund for investment purposes and shall be invested in accordance with policies and strategies of that fund.

C.    The city of Valdez and the Valdez Museum and Historical Archive Association, Inc. will share, on a pro-rata basis, the costs and earnings resulting from the investment of the city of Valdez permanent fund into which the Valdez Museum memorial endowment account is incorporated. The city will provide the Valdez Museum and Historical Archive Association Inc. members and the board of directors with the endowment account’s value, earnings and investment costs in relation to these factors for the permanent fund.

D.    A report on the gross earnings, pro-rata investment related costs, net earnings and changes in the balance of that portion of the permanent fund designated as the Valdez Museum memorial endowment account shall be made, effective December 31st, of each year. During the first week of January each year new moneys shall be added to the museum memorial endowment account principal or funds shall be withdrawn for annual operating needs of the Valdez Museum and Historical Archive Association, Inc. (Ord. 99-02 § 1)