(a) A separate fund of the City of Kenai is hereby established as the Kenai Senior Center, Cone Memorial Trust Permanent Fund. The purpose of the fund is to account for the proceeds received from the Tamara Diane Cone Testamentary Trust.

(b) The Cone Memorial Trust Permanent Fund shall be a restricted fund. The establishment of the fund known as the Kenai Senior Center, Cone Memorial Trust Permanent Fund is within the discretion of the Kenai City Council. Trust language requires the funds be used for the use and benefit of the Kenai Senior Center.

(c) The proceeds received by the City from disbursement of the trust shall be deposited in the Kenai Senior Center, Cone Memorial Trust Permanent Fund.

(d) Money placed in the Kenai Senior Center, Cone Memorial Trust Permanent Fund shall not be available for use by the City for any purpose other than for investments in accordance with City ordinances.