Chapter 2.69
RICHARD P. LAFROMBOISE MEMORIAL FUND

Sections:

2.69.010    Creation of fund.

2.69.020    Source, investment and administration of fund.

2.69.010 Creation of fund.

There is hereby created a fund entitled the Richard P. Lafromboise memorial fund. (Ord. 2608 § 4, 2017).

2.69.020 Source, investment and administration of fund.

In 1987 $100,000 was received from the estate of Clarence B. Lafromboise to be deposited into the Richard P. Lafromboise memorial fund. The fund is held in trust by the city council as trustees with the net income thereof to be used for library purposes. With the transfer of the library from a city library to the King County library system, the city council, acting as trustee for the fund, may use the designated proceeds from the fund, as set forth below. The principal of the fund may be invested in the city’s general obligation bonds or local improvement bonds if the council so desires. The city council may accept the advice of the library advisory board on the application of the funds. The principal of the fund shall be held in trust and the income earned from said principal only is to be used. Upon advice of the library advisory board, income from the fund may be used for the enhancement of the Enumclaw Library Branch Collection and/or to augment library programs conducted by the King County library system at said Enumclaw branch, with the concurrent recommendation of the mayor of the city of Enumclaw. (Ord. 2608 § 4, 2017).