Full Text
RESOLUTION NO. 2017 - 07 A RESOLUTION OF THE CITY OF MOSCOW, IDAHO, A MUNICIPAL CORPORATION OF THE STATE OF IDAHO, RELATING TO THE DESIGNATION OF FUNDS RECEIVED BY THE CITY OF MOSCOW FROM THE ESTATE OF BOBBY C. HAMILTON TO BE USED FOR THE PURCHASE AND INSTALLATION OF PLAYGROUND EQUIPMENT AND ATTENDANT PATHWAYS, AND ACCESS TO SUCH PLAYGROUNDS IN CITY PARKS, TO BENEFIT MOSCOW'S CHILDREN; PROVIDING THAT THIS RESOLUTION SHALL BE IN EFFECT UPON ITS PASSAGE, AND APPROVAL. WHEREAS, City was the recipient of funds from the Estate of Bobby C. Hamilton ("Hamilton Funds"); and WHEREAS, the Hamilton Funds are designated to be used by the Parks and Recreation Department of the City for the benefit of young children, as described in the Will of Bobby C. Hamilton; and WHEREAS, the City Council previously approved Resolution No. 2003-06, which directed that the Hamilton Funds may be used as determined by the appropriate officials of the City for the benefit of young people in the Moscow Community, including to pay the costs of construction, operation, maintenance and debt service on the Certificates associated with the Hamilton Indoor Recreation Center; and WHEREAS, the City Council, by passage of this Resolution, supersedes Resolution No. 2003-06; and WHEREAS, the City Council desires that the interest earned on the Hamilton Fund continue to be utilized to help offset the costs of operation and maintenance of the Hamilton Indoor Recreation Center; and WHEREAS, City has committed one million dollars ($1,000,000) of the Hamilton Funds for the purpose of funding contribution for the construction of an Ice Skating Facility by the Palouse Ice Rink Association ("PIR") to benefit Moscow's children; and WHEREAS, City wishes to direct the remaining Hamilton Fund balance to be used in City Parkland Development for the purchase and installation of playground equipment and attendant pathways and access to such playgrounds in City Parks; NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the City of Moscow as follows: 1. Hamilton Funds. City has deposited the Hamilton Funds into a fiduciary account designated as "Hamilton Funds", for uses described in the Last Will & Testament of Bobby C. Hamilton to provide recreational opportunities for Moscow's youth; and 2. The Hamilton Funds may be used as determined by the appropriate officials of the City for the benefit of young people in the Moscow community in accordance with Bobby C. Hamilton's bequest; and RESOLUTION 2017 - 07 REMAINING HAMILTON FUND USES PAGE 1 0F2 ---PAGE BREAK--- RESOLUTION NO. 2017 - 07 A RESOLUTION OF THE CITY OF MOSCOW, IDAHO, A MUNICIPAL CORPORATION OF THE STATE OF IDAHO, RELATING TO THE DESIGNATION OF FUNDS RECEIVED BY THE CITY OF MOSCOW FROM THE ESTATE OF BOBBY C. HAMILTON TO BE USED FOR THE PURCHASE AND INSTALLATION OF PLAYGROUND EQUIPMENT AND ATTENDANT PATHWAYS, AND ACCESS TO SUCH PLAYGROUNDS IN CITY PARKS, TO BENEFIT MOSCOW'S CHILDREN; PROVIDING THAT THIS RESOLUTION SHALL BE IN EFFECT UPON ITS PASSAGE, AND APPROVAL. WHEREAS, City was the recipient of funds from the Estate of Bobby C. Hamilton ("Hamilton Funds"); and WHEREAS, the Hamilton Funds are designated to be used by the Parks and Recreation Department of the City for the benefit of young children, as described in the Will of Bobby C. Hamilton; and WHEREAS, the City Council previously approved Resolution No. 2003-06, which directed that the Hamilton Funds may be used as determined by the appropriate officials of the City for the benefit of young people in the Moscow Community, including to pay the costs of construction, operation, maintenance and debt service on the Certificates associated with the Hamilton Indoor Recreation Center; and WHEREAS, the City Council, by passage ofthis Resolution, supersedes Resolution No. 2003-06; and WHEREAS, the City Council desires that the interest earned on the Hamilton Fund continue to be utilized to help offset the costs of operation and maintenance of the Hamilton Indoor Recreation Center; and WHEREAS, City has committed one million dollars ($1,000,000) of the Hamilton Funds for the purpose of funding contribution for the construction of an Ice Skating Facility by the Palouse Ice Rink Association ("PIR") to benefit Moscow's children; and WHEREAS, City wishes to direct the remaining Hamilton Fund balance to be used in City Parkland Development for the purchase and installation of playground equipment and attendant pathways and access to such playgrounds in City Parks; NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the City of Moscow as follows: 1. Hamilton Funds. City has deposited the Hamilton Funds into a fiduciary account designated as "Hamilton Funds", for uses described in the Last Will & Testament of Bobby C. Hamilton to provide recreational opportunities for Moscow's youth; and 2. The Hamilton Funds may be used as determined by the appropriate officials of the City for the benefit of young people in the Moscow community in accordance with Bobby C. Hamilton's bequest; and RESOLUTION 2017 - 07 REMAINING HAMILTON FUND USES PAGE 1 0F2 ---PAGE BREAK--- 3. The total sum of one million dollars ($1,000,000) has been committed from the City of Moscow's Hamilton Fund, for purposes of providing funding contribution for the construction of an Ice Skating Facility under the management of PIR; and 4. The total remaining funds included in the Hamilton bequest be committed for future purchases of playground equipment/installation and pathways and access to those playgrounds within City park properties; and 5. The interest income earned on the then-remaining balance of the Hamilton Fund continue to be utilized to help offset the cost of operations and maintenance of the Hamilton Indoor Recreation Center; and 6. Authorization for disbursement of the funds for individual projects will be conducted pursuant to annual budget authorization. 7. This Resolution replaces Resolution No. 2003-06. 8. Any Resolution or provision thereof which is inconsistent with this Resolution is hereby repealed. 9. That this Resolution shall become effective as of the 15th day of May, 2017. PASS ED AND APPROVED by the Mayor of the City of Moscow, Idaho, this 15th day of May, 2017. RESOLUTION 20 I 7 - 07 REMAINING HAMILTON FUND USES PAGE2 0F2