3.46.010 Creation and purpose.
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There is created in the city treasury of the city a fund to be known as the forest land endowment fund which shall receive revenues from donations, contributions, interest and private sources. The principal of the fund shall be irreducible and shall be invested by the city clerk, and only the interest received from investment of the fund shall be used for support and enhancement of the forest land, only as budgeted by the city council, with the advice of the Anacortes community forest lands advisory board and only after the principal has amounted to fifty thousand dollars. (Ord. 2141 § 1, 1990)