Sec. 111.805. - Jacksons' Music Scholarship Fund.

There is created the Jacksons' Music Scholarship Fund , a permanent trust fund of the City, into which shall be paid the $100,000 donation received by the City in connection with the Jacksons' Victory Tour Concerts of July 21, 22 and 23, 1984, and from which one or more annual music scholarships shall be awarded as hereinafter provided. A separate trust fund and associated accounts shall be created by the Director of Finance and Administration for administering the fund. No expenditures shall be made from the principal amount; expenditures shall be made only from annual interest earnings. The Mayor is authorized to make expenditures from the interest earned annually to award one or more music scholarships to deserving Duval County students recommended to the Mayor by the Mayor's Commission on Children and Youth. Alternatively, the Mayor is authorized to advance the equivalent of one year's anticipated interest based upon prevailing interest rates on the principal amount each fiscal year from the General Fund-General Services District for these scholarships; provided, however, that these advances made shall be reimbursed from the fund interest monies as and when these monies accrue in sufficient sums to make the reimbursement and before these monies may be used for additional scholarships. The Mayor's Commission on Children and Youth shall adopt such rules as it deems appropriate to select deserving recipients of these scholarships; provided, that all recipients must be students seriously interested in and actively pursuing the study of music. The Director of Finance and Administration is authorized and directed to make disbursements from annual interest earned or from authorized advances for these scholarships upon the written request of the Mayor or the Chief Administrative Officer. To the extent that disbursements are made, the funds are appropriated for the purpose of the disbursements. Any annual interest not awarded as part of a scholarship in a fiscal year and not required to reimburse authorized advances shall become part of the principal of the fund. (Ord. 84-952-497, § 1; Ord. 2006-422-E, § 34; Ord. 2016-140-E , § 16) Editor's note— Ordinance 2007-839-E, § 18, authorized updated department/division names pursuant to reorganization. Note— Former § 110.332.