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AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, <br />1973, BY ~ENDING SECTION 2-303 THEREOF PERTAINING TO ACCEPTANCE <br />AND DISPOSITION OF CERTAIN ART OBJECTS AND OTHER GIETS. <br /> <br /> BE IT ORDAINED by the Council of the City of Po~tsmou~h, <br />Virginia: <br /> <br /> !. That Section 2-303 of the Code of the City of Ports- <br />mouth, Virginia, 1973, be am.~ded and reordained to read as follows: <br /> <br />Section 2-303. ,p.~cceptance and disposition of art objects; <br /> ~acceptance, expenditure of monetary gifts~ <br /> reduction of appropriations. <br /> <br /> (a) The Museum and Fine Arts Commission shall have the <br />power to accept donations of art objects. Such donations may be <br />conditional or unconditional. A record of each donation shall be <br />made at the time of the acceptance thereof and a notation of the <br />conditions, if any, shall be entered thereon. Conditional art <br />objects shall be handled in accordance with the terms of such <br />donation. Unconditional gifts may be traded, sold or transferred <br />upon concurrence of the majority of the membership of the Muse~ <br />of Fine Arts Commission. <br /> <br /> (b) The Museum and Fine Arts Commission shall have the <br /> power to accept~ administer and expend for operating and capital <br /> expenses, funds received as gifts or from sources other than the <br /> city; provided, however, that funds received as gifts ~ trust <br /> shall be handled in accordance with the terms of such trust. <br />Funds received from sources other than the city shall be accounted <br />for and deposited to the credit of the city fo~ the use of'the <br />Muse~ and Fine Arts Commission, except that funds received as <br />gifts in trust shall be accounted for in a special fund created <br />and maintained .for such purpose and designated as the Museum and <br />Fine Arts Commission Fund~ The Museum and Fine Arts Co~mission <br />shall have no authority to enter into any contrac~ or incur obli- <br />gations binding upon the city, the cost of which will exceed ~he <br />unencumbered cash balance of the aforesaid fund at the time when <br />the obligation is incurred. If the Museulm and Fine Arts Com~mission <br />receives and expends for ~ <br /> opera~_ng or capital expenses any funds <br />not included in its budget as approved by the city council, the <br />city council may direct that the amount appropriated from city <br />funds be reduced by the ~ <br /> amou~ so expended from outside such <br />budget. <br /> <br />2. This ordinance shall take effect from the date of <br />its passage° <br /> <br /> <br />