HomeMy WebLinkAboutLeach Ampitheater Fund
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OSHKOSH AREA COMMUNITY FOUNDATION
City of Oshkosh
Amphitheater Fund
The City of Oshkosh; PMI, its assigns, successors, or other subsequent
vendors; or users of the Amphitheater shall deliver to the Oshkosh Area
Community Foundation, Inc. ("Foundation"), assets intended for the Leach
Amphitheater Fund to be used for maintenance (including but not limited to:
capital improvements or scheduled maintenance or such other capital
expenditures as may be necessary from time to time to preserve the Leach
Amphitheater and appurtenant structures and facilities.) It is their request that
this donation, together with any additional donations, which may hereafter be
made by vendors or other donors to the fund hereafter described, be used to
establish and maintain a component fund (the "Fund") of the Foundation to be
held and administered by the Foundation as follows:
1. The Fund shall be known as the Leac~ Amphitheater Fund and shall be
identified as such by the Foundation in the course of the administration
and distributioh thereof. It shall be structured as a designated fund, a
component fund of the Foundation whose beneficiaries have been
specified by a donor or a governing board.
2. The fund shall' be used for maintenance of the Leach Amphitheater as
defined above. The distributions for such purposes shall be consistemt
with those set forth in the Foundation's Articles and Bylaws as now exist
or may hereafter be amended, however, the designated purpose of the
Fund is to pay for maintenance of Amphitheater as defined above.
Distributions shall ordinarily be made out of income and principal of the
Fund.
3. The City Council of Oshkosh shall be responsible for setting the
guidelines for distributions. The Council shall advise the Foundation as
to the amount and timing of such distributions for maintenance of the
fund. The geographic boundaries of the fund will be kept to Phase 1i of
the Riverside Park plan.
The Foundation shall review the proposed distributions to ensure they
are not inconsistent with the Foundation's Corporation articles and
Bylaws as amended and are in compliance with the designated purpose
of the Fund. If deemed appropriate, the Foundation may request
evidence of authorization by the party executing this agreement to
direct the amount and timing of distributions from the Fund.
For good. For ever. 8M
404 N. Main St., Suite 205 Oshkosh, WI 54901
Phone 920.426.3993 Fax 920.426.6997 www.OshkoshAreaCEorg
Serving Winnebago, Green Lake; and W'aushara. Counties
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City of Oshkosh - Amphitheater Fund
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OSHKOSH AREA COMMUNITY FOUNDATION
4. Fees are determined by the Finance Committee of the Foundation.
5. Notwithstanding anything herein to the contrary, the Fund shall at all
times be held and administered in accordance with the provisions of the
Articles and Bylaws of the Foundation's Corporation which are hereby
accepted and agreed to by the undersigned, including those provisions
relating to amendment, termination and variance from donors' direction"
The undersigned acknowledges that under the provisions of the Articles
and Bylaws, and as required by regulations promulgated pursuant to
the Internal Revenue Code of 1986, as amended, the Foundation has
explicit authority to redirect the assets of any fund it administers.
However, the Community Foundation does not anticipate exercisin~l
such authority unless, in the opinion of the Board of Governors, thE~
purposes for which the fund was established become unnecessary,
incapable of fulfillment, or inconsistent with the needs of the community.
In the event the Foundation needs to take action they will consult with
the City Council to determine the best use of the funds for recreational
purposes to benefit the City of Oshkosh residents.
6. It is intended that the Fund shall be a component part of the Foundation
and that nothing in this agreement shall affect the status of the
Foundation as an entity that is a qualified charitable organization. Thi,s
agreement shall be interpreted in a manner consistent with this intention
and so far as to conform to the requirements of the Internal Revenue
Code and any regulations promulgated pursuant thereto applicable to
the intended status of the Foundation.
If the foregoing is acceptable to you, kindly so indicate by dating and
signing the enclosed copy of this letter in the space provided below and
return it to the Foundation. Upon such acceptance, this letter will constitute
our agreement with respect to the Fund and all prior discussions or
agreements concerning the fund are merged herein and made a part
hereof.
For good. For ever.SM
404 N. Main St., Suite 205 Oshkosh, WI 54901
Phone 920.426.3993 Fax 920.426.6997 www.OshkoshAreaCEorg
Serving Winnebago, Green Lake, and W'aushara Counties
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APPROVED AS TO FORM:
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ASs' a t City At!
I hereby provisions
have been made pay the liability which will
accrue this contract
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City Comptroller
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--'-- OSHKOSH 1}REA COMMUNITY FOUNDATION
~ccePted this - Li' day of ~()J~ , 2005.
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City of Oshkosh - Amphitheater Fund
Page 3
By:
I Title
On behalf of the City of Oshkosh:
fi/l zJR
City Manager
Date: //'-'" /d -,,;?'~
Date:
l (-I (ocr:)IT)7
APPROVED ASTO FORM:
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A . a t City Att ~
I hereby provisions
have been made pay the liability which will
accrue this contract.
~u~ O,-~J
City Comptroller
For good. For ever. 8M
404 N. Main St., Suite 205 Oshkosh, WI 54901
Phone 920.426.3993 Fax 920.426.6997 www.OshkoshAreaCEorg
Serving Winnebago, Green Lake, and W'aushara Counties