A city received a gift from a resident to be used to maintain several city parks. Only the income earned on the gift may be used to maintain the parks. The principal of the gift must remain intact. What kind of fund is used for this gift?

Question

Social Studies

Brady Gaines

24 February, 19:47

A city received a gift from a resident to be used to maintain several city parks. Only the income earned on the gift may be used to maintain the parks. The principal of the gift must remain intact. What kind of fund is used for this gift?

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Answers (1)

Know the Answer?

Griffith · Answer 1

Permanent fund

Explanation:

Permanent fund -

It refers to the amount of money maintained by the government of the states for various purpose, is referred to as the permanent funds.

The revenues are maintained by natural resources like the minerals and gas and some are given by the non profit organisation.

The funds can be used for any emergency condition or for gifting purpose faced by the state.

Hence, from the given scenario of the question,

The correct answer is permanent fund.