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HomeMy WebLinkAbout1981 Ordinance No. 028• • • ORDINANCE NO. ,.,.#~ SERIES OF 198-r=- BY AUTHORITY COUNCIL BILL NO. 30 INTRODUCED BY COUNCIL MEMBER . BRADSHAW AN ORDINANCE ESTABLISHING A SPECIAL FUND OF THE CITY TO BE KNOWN AS THE"MALLEY CENTER TRUST FUND" FOR THE BENEFIT OF THE ENGLEWOOD SENIOR CITIZENS RECREATIONAL CENTER ADDING A NEW SUBSECTION TO TITLE XIII, CHAPTER 5, OF THE '69 ENGLEWOOD MUNICIPAL CODE. WHEREAS, the senior citizens of the City of Englewood have use of and enjoy a senior citizens recreational center known as the Elsie Malley Centennial Center; and WHEREAS, the residents of the City of Englewood are desirous of raising funds for the benefit and use of the senior citizens recreation center. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO: Section 1. Chapter 5, Title XIII, of the '69 EMC, is hereby amended to add the following provisions: 13-5-10: MALLEY CENTER TRUST FUND ESTABLISHED There is hereby established a special fund of the City of Englewood known as the "Malley Center Trust Fund" -- trust fund for the use and benefit of the Englewood senior citizens recreation center known as the "Elsie Malley Centennial Center." (a) Trustees appointed: Appointed as trustees of the Malley Center Trust ·Fund are the following: 1. One trustee to be appointed from the City Council who shall serve during tenure in office. 2. One trustee to be appointed by City Council from the membership of the Englewood Parks and Recreation Commission who shall serve during tenure in office. 3. Three trustees to be appointed by City Council upon recommendation of Parks and Recreation Commission, which three trustees shall have the following minimum qualifications: a. be a resident of the City of Englewood; b. be over the age of 55; c. be active in the affairs of the Elsie Malley Centennial Center. • • • Terms of appointement for first trustees shall be for one, two and three years. Council 'shall designate which appointee is appointed for one-year, two-year, or three-year term. Thereafter, trustees appointed by Council shall be appointed for three-year terms. (b) Trust Funds. All gifts, donations, bequests, contributions, and all investment thereof from whatever lawful sources together with all accumulations, accruals, earnings, and income with respect thereto delivered to the Malley Center Trust Fund shall be held IN TRUST for the use and benefit of the Elsie Malley Centennial Center in the fund hereby established. · (c) Management of the Trust Fund. 1. The Director of Finance, ex officio City Clerk- Treasurer, shall manage the day-to-day investment policy of the trust fund. 2. The trustees shall recommend to the City Council periodic appropriations from the Malley Center Trust Fund for the exclusive use and benefit of the Elsie Malley Centennial Center. 3. Trustees, upon approval of the appropriations by City Council and in accordance with standard adminis- trative procedures of the City, may make distribu- tions of income and corpus for the exclusive use and benefit of the Elsie Malley Centennial Center. 4. The costs of servicing the Fund shall be approved by City Council as an expense of the Fund. 5. The trustees shall have such other power as is necessary to carry out the purpose of the trust. 6. The trust fund shall be managed in accordance with the applicable requirements of the Home Rule Charter, Ordinances of the City, and State Finance Law. 7. The trust fund may be terminated by City Council: however, any funds in the trust fund shall be distributed exclusively for the purpose of the Elsie Malley Centennial Center. (d) Contributions to the Malley Trust Fund to be Tax Deductible. Gifts, donations, bequests, and contributions to the Malley Center Trust Fund are made exclusively for the -2- • • • public purpose herein described and . are. considered tax deductible under the Internal Revenue Code and the laws of the State of Colorado. Introduced, read in full, and passed on first reading on the 17thday of February , 1981. Published as a Bill for an Ordinance on the· · 25thday of February 1 1981. · Read by title aR9 passed on final reading on the 9th day of March, 1981. '·•:·:~: .. '· 'I Published by title ~"~ .. Ordinance No.~ , Series of 1981, on the 11th day of March, 1981. ~";;lft"" ~ C$:.:, yor Attest: !C?<J.~~rt .~~ ex officio Ci f.j/ Cler1C-'1'ft"asurer I, Gary R. Higbee, ex officio City Clerk-Treasurer of the City of Englewood, Colorado, hereby certify that the above and foregoing is a true, accurate and complete copy of the Ordinance passed on final reading and published by title as Ordinance No.~ , Series of 1981. ......... {(!797-~ -3-