[Adopted 5-10-2004 by Ord. No. 04-03]
This fund shall be a fully expendable trust fund.
The purpose of the fund is to provide funding for the perpetual sustainment of the Town of Stratford monuments located on Academy Hill. Earnings from the fund shall be available for expenditure or reinvestment into the fund.
The Academy Hill Monument Commission, by a majority vote of its members, is authorized to expend the principal, earnings and/or deposits from the fund.
The Monument Preservation Fund may accept contributions from individuals, corporations, State of Connecticut, U.S. Government and the Town of Stratford. These contributions shall become funds of the trust.
The Stratford Town Council, as part of this resolution, acknowledges that the contributions of these funds to the trust fund are sole possession of the fund and shall expel these funds in no other manner other than that as directed by the Academy Hill Monument Commission.
The Academy Hill Monument Commission may obtain a professional investment manager or management firm of its choosing to administer investment of the fund. The fee for management cannot exceed 2% of the fund's value.