04-0484R

RESOLUTION AUTHORIZING DULUTH LEGACY ENDOWMENT FUND.

BY COUNCILOR NESS:

BE IT RESOLVED, that the proper city officials are authorized to execute and implement the contract on file with the city clerk as Public Document No. __________ (or a similar one with insubstantial corrections of form or clerical error), which contract creates an endowment fund which will distribute its earnings to the city to help fund projects with a public purpose.


STATEMENT OF PURPOSE:  This resolution authorizes establishment of an endowment fund administered by the Duluth-Superior Area Community Foundation. Donors, which could include the city, donate to the fund. The fund will produce earnings. A committee of seven is appointed by the mayor and approved by the council. This committee determines which projects will receive distributions of earnings.