Sec. 11. (a) The governing board may, under the name fixed by the ordinance and consistent with the terms of any donations and bequests, do the following:
(1) Accept, hold, and administer donations and bequests for the hospital or hospitals.
(2) Invest the money in securities that the board considers proper.
(3) Use the money and assets for hospital purposes.
(4) Convey assets and pay out money without an appropriation, but only after the action is authorized by a majority vote of the members of the board.
(b) If the board desires to accept the donations or bequests, the board shall elect a treasurer from among the board who is custodian of the money and of the income from the money. The treasurer shall give bond in an amount fixed by and with surety to the approval of the board. The bond must be payable to the board, and suit may be brought on the bond by the board in the board's name.
(c) The board may not accept a donation or bequest that creates an obligation to the city unless the donation or bequest is first accepted and approved by the city fiscal body.
[Pre-1993 Recodification Citation: 16-12.2-8-5.]
As added by P.L.2-1993, SEC.6.
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