Sec. 111.815. - Jesse B. Smith Memorial Scholarship Trust Fund.

There is hereby created the Jesse B. Smith Memorial Scholarship Trust Fund, a permanent trust fund of the City, into which shall be placed the insurance proceeds bequeathed to the City by Jesse B. Smith together with such private gifts or funds as may be contributed to this fund from time to time, and together with all interest earnings derived from the fund's assets. No expenditures shall be made from the principal amount of the insurance proceeds or from any private contributions, unless the conditions of such private contribution provide otherwise as it affects the private contribution. The purpose of this trust fund shall be to provide periodic funds from interest earned in the fund for scholarships to qualified and deserving persons residing in Duval County who intend to pursue a career in urban studies or community and economic development. It is the intent of the Council that such scholarships be awarded to upper level college students or graduate students, but lower level students may also be considered for such scholarships based on individual merit. Periodic scholarships shall be awarded to eligible persons based on such guidelines for procedures, eligibility and merit as shall be promulgated by executive order of the Mayor and approved by resolution of the Council. The Mayor is authorized to make expenditures by written request from the periodic interest earnings available from the fund to deserving persons pursuant to the guidelines adopted as set forth hereinabove. To the extent that expenditures for scholarships are made from the fund, the funds shall be considered as appropriated for such purposes. The monies in this trust fund, together with the interest earned thereon, shall not lapse as of the end of any fiscal year and shall remain available for expenditure at any time, subject to availability of funds, and the terms of the private contribution, for the purposes set forth herein. To the extent that any private contribution is considered nonexpendable by the grantor, the principle of such contribution shall be appropriated to a reserve account against which no expenditures will be made unless the terms are modified by the grantor and the Council. (Ord. 96-929-544, § 1; Ord. 2006-422-E, § 92) Note— Former § 110.390.