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RESOLUTION NO. 2003-03 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOSCOW, A MUNICIPAL CORPORATION OF THE STATE OF IDAHO, STATING THE INTENT OF THE CITY COUNCIL RELATING TO THE UTILIZATION OF THE BEQUEST OF BOBBY HAMILTON. WHEREAS, Bobby Hamilton died in 2000, leaving the bulk of his estate to the City of Moscow for the benefit of the Parks and Recreation Department to be used as much as possible for the benefit of young children; and WHEREAS, the community of Moscow is deeply grateful for Mr. Hamilton's generosity; and WHEREAS, the Hamilton Dream Team identified an indoor recreational facility to be the top community priority for use of the Hamilton bequest; and WHEREAS, the Moscow City Council has determined that a portion of the Hamilton bequest will be utilized for tbe construction of an indoor recreation center; and WHEREAS, the Moscow City Council has determined that the costs of such maintenance and operation of the indoor recreation facility in excess of revenues should be paid from the investment income generated from the balance of the Hamilton bequest. NOW, THEREFORE, be it resolved by the Mayor and City Council of the City of Moscow: I . That the entire Hamilton bequest be maintained as a separate fund for purposes of the City's accounting processes. 2. That the Hamilton bequest be utilized for the costs of construction/financing of the indoor recreation center. 3. That after the costs of construction/financing of the indoor recreation center have been paid or obligated, the balance of the Hamilton bequest be maintained as an investment, the income from which will first be utilized to offset the costs of maintenance and operations of the indoor recreation center. After the annual costs of maintenance and operation of the indoor recreation center have been deducted from the income, the balance of the income may be utilized according to Mr. Hamilton's bequest that the funds be used tor the benefit of young children. 4. That the investment of the Hamilton bequest be made in accordance with nonnal city investment policies. Passed by the City Council and approved by the Mayor thi