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HomeMy WebLinkAbout04-25-96-3-B - Resolution - 04/25/1996q so[ution NO. 4-25-96-3-B A RESOLUTION ESTABLISHING AN ENDOWMENT TO PROVIDE A MEANS BY WHICH THE CITY OF COLLEGE STATION MAY ACCEPT MONETARY OR OTHER GIFTS THAT MAY BE USED TO FUND THE FUTURE CARE, MAINTENANCE, OPERATIONS, AND IMPROVEMENTS TO THE CITY OF COLLEGE STATION CEMETERY, AND PROVIDING AN EFFECTIVE DATE. WHEREAS, it is the position of the City Council of the City of College Station, Texas, that there is pdde and sentiment accorded to the City of College Station Cemetery, 2580 Texas Avenue South, College Station, Texas (Cemetery) that affords an oppor- tunity to establish an endowment that will help to support the existing Cemetery; and WHEREAS, it is believed that other priorities of the community could result in a reduced commitment to the care and maintenance of the Cemetery at such time as when all plots and individual lots in said Cemetery are sold and in use as internment; and WHEREAS, it is believed that establishing a reliable future funding through an endow- ment that receives gifts that will provide a corpus that may be used to produce income and such income may be used for future care, maintenance, operations, and improve- ments of the Cemetery; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, THAT: The City of College Station, Texas designate a fund as the City of College Station Cemetery Endowment Fund (hereinafter referred to as Cemetery Fund) from which earnings may be used for the future care, maintenance, operations, and improvements to the City of College Station Cemetery. That the Cemetery Fund receive resources from the following as they become available: 1. all assets and liabilities included in the existing cemetery fund; 2. all proceeds from the sale of lots; gifts of money or other valuable assets given to provide a corpus that will provide investment earnings; investment earnings or direct earnings of all assets of the Cemetery Fund; and gifts of money or other valuable assets may be accepted to pay for specific items or projects in the Cemetery as included in the Cemetery Master Plan as approved by the Cemetery Board and as amended from time to time; and any excess remaining from the specific project shall remain a part of the corpus of the fund. B. That the Cemetery Committee of the City of College Station be empowered by the City Council of the City of College Station, Texas to develop and implement a RESOLUTION NO. 4-25-96-3-B Page 2 program to seek contributions to provide a corpus of funds and other assets that will provide earnings that may be used for the future care, maintenance, opera- tions, and improvements for the Cemetery. Such program shall begin on or about January 1, 1996. That only the investment earnings of the Cemetery Fund for the current fiscal year and gifts in accordance with A. 5 above shall be available for appropriation and expenditures under the following circumstances: Beginning in the City's fiscal year 1999-2000 or eadier (see C.3), the City prepare a budget annually showing available resources and appropriations of those resources as a part of the normal operations of the City. Expenditures from the Cemetery Fund shall be made for future care, mainte- nance, operations, and improvements of the entire Cemetery. No expenditures of investment income should occur within the first five (5) years of the Cemetery Fund's existence or until annual proceeds are projected to reach at least fifty percent (50%) of projected annual operating and maintenance costs for the Cemetery Division, whichever comes first, and excepting gifts that are made in order to pay for specific items as included in the Cemetery Master Plan. Do 4. Income of the fund shall not be used except for the support of the Cemetery and to reimburse the City for expenditures made in support of the Cemetery and for accounting for the Cemetery Fund unless such earnings exceed what is necessary for those purposes, in which case the excess funds may be used for similar expenditures at another cemetery owned and operated by the City of College Station, Texas. Investments of all resources available to the fund shall conform to the investment policy of the City of College Station, Texas, as approved by the City Council and as amended from time to time. Eo The Cemetery Committee of the City of College Station, Texas, shall have the authority to review and to approve or deny acceptance of gifts for the Cemetery Fund in accordance with the uses of resources as indicated in this resolution as approved and amended. PASSED AND APPROVED THIS EST: . CONNIE HOOKS,'City Secretary DAY OF ~L,~ APPROVED:b/ ,1996.