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HomeMy WebLinkAbout04-149.docMAY 11, 2004 04-149 RESOLUTION (CARRIED 7-0 LOST LAID OVER WITHDRAWN ) PURPOSE: APPROVE AGREEMENT FOR OSHKOSH C.A.N. FUND INITIATED BY: CITY ADMINISTRATION BE IT RESOLVED by the Common Council of the City of Oshkosh that the attached Special Project Fund Agreement for the money in the OSHKOSH C.A.N. FUND to be delivered to the Oshkosh Area Community Foundation Corporation is hereby approved and the proper City officials are hereby authorized to execute and deliver the agreement in substantially the same form as attached hereto, any changes in the execution copy being deemed approved by their respective signatures, and said City officials are authorized and directed to take those steps necessary to implement the terms and conditions of the Special Project Fund Agreement. Special Project Fund Agreement Upon approval of this agreement by the City of Oshkosh Common Council, a copy of the approving resolution is attached to this Agreement, the Oshkosh C.A.N. Board (the "Board") will direct the City of Oshkosh to deliver to the Oshkosh Area Community Foundation Corporation, Inc. (the "Foundation") the sum of $2,000.00 to establish the Fund. It is the Board's request that such gift, together with any additional gifts that may hereafter be made by other donors or the Board to the fund hereafter described, be used to establish and maintain a Special Projects (Pass-Through) Fund of the Foundation to be held and administered as follows: The Fund shall be known as Oshkosh C.A.N. Fund and shall be identified as such in the course of its administration. The purpose of the Fund is to support activities that discourage the use of alcohol, drug and tobacco use. Key fund contacts are (Please provide at least two contacts.): Don Kutchera- Board Member Dawn Lux - Secretary of the Board Duration of the Fund is from May 2004 to May 2009. Funds remaining in the pass-through account at the end of this time period shall be used to fund a new contract with C.A.N. or if enough funds remain (over $7,500) a field of interest fund will be created or if funding under $7,500 remains, the funds will be disbursed in grants. 5. The timeline for completion of the contract is May 2009 In connection with the establishment of the Fund, The Board does hereby acknowledge and agree that: a) All assets of the Fund shall be assets of the Foundation. The Fund shall be held and administered subject to the provisions of the Foundation's Articles of Incorporation and By-Laws as presently in effect or as each may from time to time be amended. b) The Board understands there will be a free for administration and investment of the fund. The feel shall be 50% of earnings, monthly, or $10/month, whichever is greater. Direct costs associated with administration of the fund (i.e. postage, printing, etc.) shall be charged directly to the fund. Extra fees may be charged by the c) d) e) bank for funds requesting more than 6 checks per month or with funds with a balance of less than $300. Such fees shall be charged directly to the fund Administrative services include: · Receiving donations · Maintaining records and reporting to fund raisers; · Carrying out correspondence with fund raisers, donors, vendors, and others; · Properly acknowledging donations of all sizes; · Investing funds in short term, cash equivalent securities; · With proper authorization, fund disbursements. Services are rendered on a project basis to be completed within schedule or reasonable time frame. The Foundation shall make disbursements with the authorization of f) Disbursements require at least one-week notification. Variance Power As required by US Treasury Regulations, the Community Foundation has explicit authority to redirect the assets of any fund it administers. However, the Community Foundation does not anticipate exercising such authority unless, in the opinion of the board of directors, the purposes for which the fund was established become unnecessary, incapable of fulfillment, or inconsistent with the needs of the community. If the foregoing is acceptable indicate by dating and signing the enclosed copy of this Agreement in the space provided below and return it to the Foundation. Upon such acceptance, this letter will constitute our agreement with respect to the "Special Project Fund" and/or "Fund" and all prior discussions and agreements concerning the Fund are merged herein and made a part hereof. Accepted on behalf of the Oshkosh C.A.N. Board by: Don Kutchera Date and: Dawn Lux Date Dated this 12th day of May 2004 CITY OF OSHKOSH APPROVD AS TO FUNDING: Richard A Wollangk, city manager Edward A. Nokes, finance director APPROVED AS TO FORM: Pamela R. Ubrig, city clerk Lynn A. Lorenson, asst. city atty. In the event this project requires clearance from another partner (i.e. City of Oshkosh, a non-profit organization), a letter indicating commitment from that party must be submitted before the fund will be established.