BY COUNCILOR GILBERT:
WHEREAS, the city occasionally receives gifts and donations of cash or securities that have not been designated for any particular purpose; and
WHEREAS, the city would get more value from undesignated gifts and donations if they are directed to the Duluth legacy endowment fund, which is a fund set up for the purpose of making effective use of gifts and donations.
NOW, THEREFORE, BE IT RESOLVED, that any undesignated gifts and donations of cash or securities received by the city of Duluth shall be deposited with the Duluth legacy endowment fund.
STATEMENT OF PURPOSE: This resolution indicates the council’s position on undesignated gifts.