HomeMy WebLinkAbout1982 Ordinance No. 005. .,.
BY AUTHORITY
ORDINANCE NO. i_S
SERIES OF 1982
COUNCIL BILL NO. 4
INTRODUCED BY COUNCIL
MEMBER BRADSHAW
AN ORDINANCE ESTABLISHING A SPECIAL FUND FOR THE CITY OF ENGLEWOOD
TO BE KNOWN AS THE "PARKS & RECREATION FOUNDATION TRUST FUND" FOR
THE USE AND BENEFIT OF PROVIDING IMPROVED AND EXPANDED PROGRAMMING
AND FACILITIES, ADDING A NEW SUBSECTION TO TITLE XIII, CHAPTER 5,
OF THE '69 ENGLEWOOD MUNICIPAL CODE, AS AMENDED.
WHEREAS , the citizens of the City of Englewood, Colorado,
have use of and enjoy numerous parks and recreational activities
through the Department of Parks & Recreation; and
WHEREAS, certain people are desirous of willing gifts,
bequests, grants, and devises of property for the use and benefit
of said Parks & Recreation Department.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
C I TY OF ENGLEWOOD, COLORADO:
Section 1. Chapter 5, Title XIII, of the '69 E.M.C. is hereby
a mended to add the following provisions:
13-5-11 PARKS & RECREATION FOUNDATION
TRUST -FUND ESTABLISHED
There is hereby established a special fund of the
City of Englewood known as the "Englewood Parks &
Recreation Foundation Trust Fund" --a trust fund for
the use and benefit of the programs and facilities of the
Englewood Parks & Recreation Department .
(a) Trustees appointment.
Englewood Parks & Recreation Commissioners are
appointed as trustees of the Parks & Recreation
funds as part of their Commission duties and
shall serve during their tenure as Commissioners.
(b) Trust Funds.
All gifts, bequests, contributions, grants and
all investments thereof, from whatever lawful sources,
together with all accumulations, accruals, earnings,
and income with respect thereto delivered to the
Parks & Recreation Foundation Trust Fund shall be
held IN TRUST for the use and benefit of providing
improved and expanded programs and facilities for the
Parks & Recreation Department of the City of Englewood
through the trust 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. As needed, the trustees shall recommend to the
City Council periodic appropriations from the
Trust Fund for the exclusive use and benefit of
the Englewood Parks & Recreation Department.
3. Trustees, upon approval of the appropriations by
City Council and in accordance with standard
administrative procedures of the City, may make
distributions of income and corpus for the exclus-
ive use and benefit of the Englewood Parks &
Recreation Department.
4. The costs of servicing the Trust Fund shall be
approved by City Council as an expense of the
Trust 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 Horne 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
Englewood Parks & Recreation Department.
(d) Contributions to the Englewood Parks & Recreation
Foundation Trust Fund to be Tax Deductible.
Gifts, bequests, grants, donations, contributions,
and devises of property made exclusiveLy for the public
purpose herein described 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 18th day of January, 1982.
Published as a Bill for an Ordinance on the 20th day of
January, 1982.
Read by title and passed on final reading on the 1st day
of February, 1982.
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Published by title as Ordinance No.0 , Series of 1982,
on the 3rd day of February, 1982.
EugenVL:6tis, Mayor
Attest:
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.-..5" , Series of 1982.
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