§ 17.47.020. Administration.  


Latest version.
  • The community improvement trust fund shall be established in the city treasury and shall be kept separate and apart from other moneys by the city treasurer. Any moneys deposited in said fund shall be expended only at the direction of the mayor as approved by the city council, for the purposes mentioned below. The city treasurer shall be the custodian of the fund and may deposit the proceeds in a bank or invest the same in such securities as are legal for the investment of funds of saving banks under the laws of the commonwealth or in federal savings and loan associations situated in the commonwealth. Any interest earned thereon shall be credited to and become part of such fund. The fund shall be administered by the department of planning and community development.

(C.O.91-23 § 8 (part))