[HISTORY: Adopted by the Borough Council of the Borough of
Ligonier as indicated in article histories. Amendments noted where
applicable.]
[Adopted 7-9-1969 by Ord. No. 338]
A.
Pursuant to the authority vested in it by Article 12, Section 1202,
Subsection (32), of the Borough Code of the Commonwealth of Pennsylvania,[1] the Borough of Ligonier hereby creates a special fund
to be known as the "Ligonier Town Hall Endowment Fund" (hereinafter
referred to as the "endowment fund").
[1]
Editor's Note: See 53 P.S. § 46202(32).
B.
Said endowment fund shall be maintained as a separate fund, and the
income therefrom shall be used only for the maintenance and operation
of the Ligonier Town Hall, except as hereinafter provided.
C.
All grants, gifts, contributions and bequests made to the endowment
fund shall be retained in said endowment fund as the corpus of the
fund, whether in the nature of cash, securities or any other type
of personal property or real estate.
D.
The income from the corpus of the endowment fund shall all be transferred
as it becomes available to the Ligonier Town Hall operational fund
hereinafter established, to be used exclusively for the costs of maintenance
and operation of the Ligonier Town Hall, except as hereinafter provided.
E.
It is the intent of the Borough of Ligonier in establishing this
endowment fund that the corpus is to be held intact and only the income
from the corpus is to be used to help defray the costs of maintenance
and operation of the Town Hall. However, in the event that the income
from the corpus, when added to the rentals and income from all other
sources arising from the operation of the Town Hall, is insufficient
to defray the reasonable costs of maintenance and operation of the
Town Hall, the corpus may be used to help defray the reasonable costs
of maintenance and operation of the Town Hall. In the further event
that the current income from all sources is insufficient to pay for
capital improvements and there is no accumulated income available
for such purpose, the corpus of the endowment fund may be used for
capital improvements to the Ligonier Town Hall.
F.
In no event shall any of the income from or corpus of the endowment
fund be used for any purpose other than for the benefit of the Ligonier
Town Hall.
A.
Pursuant to the authority vested in it by Article 12, Section 1202,
Subsection (32), of the Borough Code of the Commonwealth of Pennsylvania,[1] the Borough of Ligonier hereby creates a special fund
to be known as the "Ligonier Town Hall Operational Fund" (hereinafter
referred to as the "operational fund").
[1]
Editor's Note: See 53 P.S. § 46202(32).
B.
The income from the corpus of the endowment fund as well as all amounts
received from rentals or other income of any nature whatsoever received
from the operation of the Ligonier Town Hall shall be placed in the
said operational fund and shall be used exclusively for the costs
of maintenance and operation of the Ligonier Town Hall, except as
hereinafter provided.
C.
In the event that the income from the corpus of the endowment fund
as well as all amounts received from the operation, is not needed
to help defray the cost of maintenance and operation of the Ligonier
Town Hall in any given year, the excess income is to be placed into
the Ligonier Town Hall Contingency Reserve Fund, as hereinafter established.
A.
Pursuant to the authority vested in it by Article 12, Section 1202,
Subsection (32), of the Borough Code of the Commonwealth of Pennsylvania,[1] the Borough of Ligonier hereby creates a special fund
to be known as the "Ligonier Town Hall Contingency Reserve Fund" (hereinafter
referred to as the "reserve fund").
[1]
Editor's Note: See 53 P.S. § 46202, Subdivision
(32).
B.
This reserve fund shall consist of all amounts placed therein not needed to help defray the cost of maintenance and operation of the Ligonier Town Hall in any given year, as heretofore provided for in § 34-2C.
C.
Any amounts currently in this reserve fund may be used in any future
year as necessary to help defray the cost of maintenance and operation
of the Ligonier Town Hall in the event that the current income from
the endowment fund, rentals or other income of any nature whatsoever
received from the operation of the Ligonier Town Hall is insufficient
to pay the current cost at that time of maintenance and operation
of the Ligonier Town Hall.
D.
In the sole discretion of the Council of the Borough of Ligonier,
any amounts in the reserve fund may also be used for capital improvements
to the Ligonier Town Hall.
The funds heretofore established shall be controlled, invested
and administered, and the income arising therefrom expended, in such
manner as may be determined by action of the Borough Council duly
elected and holding office in future years, subject to the restrictions
heretofore placed on said funds. The Borough Council may designate
an agent or agents to assist them in the control, investment and administration
of the said endowment and reserve funds.
