A. There are established segregated accounts to be named “Chena riverfront trust.” These accounts shall hold all money, personal property, interest in real property, easements, and real property donated, deeded, purchased, or otherwise acquired for the purpose of expanding, enhancing, or improving the Chena riverfront. All proceeds from the real and personal property, and interest from this money, shall accrue to the segregated accounts of the Chena riverfront trust. The appropriation of any amount of money from the segregated accounts in the trust shall be approved by the Assembly. No administrative fee shall be charged on money donated to the trust.
B. Plans for disposal of property in the trust shall be reviewed by the Chena riverfront commission, the Planning Commission, and the Parks and Recreation Commission, which shall make their recommendations, if any, to the department of property management. Management of trust land shall be conducted under Chapter 20.16 FNSBC. This chapter of the Borough code governs the management of trust land in the case of any conflict.
C. If the Chena riverfront commission terminates as provided in FNSBC 4.32.110, or for any other reason, then management of the trust property transfers to the Borough. The Borough takes the trust property subject to any restrictions as to use, or subject to any reversions, which were attached to the property when the Borough acquired it.