§ 4-1802. Powers.

The Board shall:

(1)

Safeguard and administer the investment of all money and other movable property and administer all revenue producing immovable property:

(a)

Held by the City as trustee or otherwise for public or charitable purposes.

(b)

Held by the City for the perpetual care of plots in City owned cemeteries.

(2)

Maintain the immovable property under its jurisdiction through prudent expenditure of the revenues thereof or, with the approval of the Council, through other means.

(3)

Adopt as a regulation an investment list that fulfills the standards of prudence then applicable to private trusts.

(4)

Recommend to the Mayor and the Council the acceptance or rejection of any trust or conditional donation offered to the City. The Mayor may agree to follow such recommendations only upon the affirmative vote of a majority of the members of the Council. The Mayor may decline to follow such recommendations, only upon the affirmative vote of two-thirds of the members of the Council. Such recommendations shall not be required for the acceptance of donations of movable property if the only conditions are that the movable be used or consumed for a designated purpose or by a designated agency.

(5)

Supervise the maintenance by the Director of Finance of appropriate separate accounts for each trust fund and each trust proceeds fund.

(6)

Authorize withdrawals from trust funds and trust proceeds funds only upon certification in writing made by the officer, department or board entitled thereto of the purpose of such withdrawal and that it is to be used in accordance with the terms and conditions specified in the trust or conditional donation, If the Board and the beneficiary disagree, the Mayor shall procure a written opinion from the City Attorney which shall be binding upon both the Board and the beneficiary.

(7)

Advise the Mayor and Council on all matters relevant to the execution, disposition or modification of trusts and conditional donations.

(8)

Review periodically all trusts and conditional donations and recommend to the Council the advisability of abandoning any or all of them.