Sec. 111.255. - Veterans Memorial Arena Trust Fund.

There is hereby created the Veterans Memorial Arena Trust Fund (the "Fund"), a permanent trust fund of the City that shall carry forward each fiscal year and shall not lapse. The City will annually deposit ten percent of the City's annual license fee revenues received pursuant to the VyStar Arena Naming Rights Agreement, together with ten percent of any liquidated damages paid pursuant to the VyStar Arena Naming Rights Agreement, and such private gifts or funds as may be contributed to the Fund from time to time, together with all interest earnings derived from the fund's assets. The purpose of the Trust Fund shall be to provide periodic funding to support veterans' programs and initiatives serving United States military veterans residing in Duval County. The Veterans Council of Duval County ("VCDC") shall evaluate eligible programs and initiatives and make recommendations for funding. By April 1 of each year, the VCDC shall provide to the Office of the Mayor for inclusion in the following fiscal year's budget ordinance its list of veterans programs and dollar amounts approved for funding by the VCDC (annually, the "Approved Programs"). Consistent with appropriations approved by City Council, the Director of Finance, or his or her designee, is authorized and directed to make disbursements from the Fund to the Approved Programs, subject to the availability of appropriated funds in the Fund. (Ord. 2019-95-E , § 2)