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2017-25 RESOLUTION NO. 2017-25 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND TERRACE, CALIFORNIA, ESTABLISHING A RESTRICTED FUND IN SUPPORT OF THE GRAND TERRACE DOG PARK WHEREAS, the City Council of the City of Grand Terrace has expressed its desire to create a restricted fund that will act as a quasi-endowment fund for the safekeeping of funds to support the operations and activities of a dog park in Grand Terrace; WHEREAS, the City of Grand Terrace is an appropriate host for the Endowment Fund considering the City's experience in managing large funds for the public interest; it's ability to provide financial and administrative services to the endowment; ease of establishing a restricted fund; and the consistency of the requirements of California Government Code §56031 governing the investment of city funds with the Uniform Prudent Management of Institutional Funds Act governing investment of charitable donations; and WHEREAS, upon due consideration and after examining the materials prepared. by legal counsel and staff, the Council has determined that the creation of .a restricted fund to act as a quasi-endowment is in the best interests of the City; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF GRAND TERRACE DOES RESOLVE, DETERMINE, AND ORDER AS FOLLOWS: SECTION 1. The City Council finds that the above recitations are true and correct and, accordingly, are incorporated as a material part of this Resolution. SECTION 2. Upon due consideration,. the. City Council hereby approves the establishment of a restricted fund called the "Dog Park Endowment Fund" to act as a quasi-endowment. fund for. the safekeeping of donations received and to generate income to support the operations and activities of the dog park in Grand Terrace for perpetuity. The Director of Finance is hereby authorized to establish a restricted fund for this purpose. SECTION 3. Defined terms used in this Council Policy appear in italics. For purposes of this Resolution: "Donation" or "Gift" shall mean a monetary (cash) contribution, endowments, personal property,- real property, financial securities, equipment, in-kind goods or services, or any other asset that the City has accepted and for which the donor has not received any goods or services in return. For purposes of this Resolution, the terms "donation" and "gift" shall be synonymous. "Donor" shall mean a person or other legal entity that proposes or provides a donation to the City. Resolution No. 2017-25 Pagel of 3 August.8, 2017 "Dog Park Endowment Fund" shall mean the quasi-endowment fund established by the City Council of the City of Grand Terrace by this resolution. "Quasi - Endowment" shall mean a fund containing restricted donations and/or unrestricted donations .from which distribution may be made of earnings and/or principal in support of a particular City department, location or purpose specified by the City Council. "Restricted Donation" shall mean donations designated at donor request for a particular City department, location, or purpose. "Unrestricted Donation" shall mean a donation to the City without any limitations being placed upon its use. SECTION 4. The City Manager is authorized to accept unrestricted donations and restricted donations for the support of a dog. park and to hold such funds in the Dog Park Endowment Fund. Prior to accepting any restricted donation, the City Manager shall consider the impact of any donor restriction on City operations and, in his or her discretion, may refuse such donation should the restrictions be deemed too onerous. The acceptance of a restricted donation into the Dog Park Endowment Fund shall not alter the nature or characteristic of any other restricted or unrestricted donation held therein. SECTION 5. The City Manager shall provide recommendations to the City Council for distributions from the Dog Park Endowment Fund, assist with fundraising for the endowment, and participate in short - and long-term strategic and investment planning. SECTION 6. The Bark Park Endowment Fund is established for the purpose of managing and preserving revenues received from donations so restricted to an endowment and such other donations as the City Council may receive or such revenues as they City Council may direct to the Dog Park Endowment Fund. The Dog Park Endowment Fund shall have the standard general purposes and powers of an Endowment.(e.g., provide support to the City; receive, hold and disburse funds for the Endowment's purposes; enter into agreements). SECTION 7. The City shall comply with all applicable laws and regulations of the Internal Revenue Service and California law regarding the acceptance of donations. The City does not provide legal, accounting, tax or other such advice to donors. Each donor is ultimately responsible for ensuring the donor's proposed donation meets and furthers the donor's charitable, financial, and estate planning goals. As. such, each . donor is encouraged to meet with a professional advisor before making any.donation to the City. Resolution No. 2017-25 Page 2 of 3 August 8, 2017 SECTION 8. If any section, subsection, sentence, clause, phrase, or portion of this Resolution is for any reason held to be invalid or unconstitutional by the decision of . any court of competent jurisdiction, such decision shall not affect the validity of the remaining portions of this Resolution. The City Council of the City of Grand terrace hereby declares that it would have adopted this Resolution and each section, subsection, sentence, clause, phrase, or portion thereof irrespective of the fact that any one or more sections, subsections, sentences, clauses, phrases, or portions be declared invalid or unconstitutional. SECTION 9. All resolutions and other actions of the City Council in conflict with the contents of this Resolution are hereby repealed. SECTION 10. This Resolution shall go into full force and effect immediately, but the individual fees shall become effective as provided by the applicable provisions of State Law. -SECTION 11. The City Clerk shall certify to the adoption of this Resolution PASSED, APPROVED AND ADOPTED by the City Council of Grand Terrace at a regular meeting held on the 8t" day of August, 2017. D cy McNaboe �` Ma ATTEST:- Debra L:Thomas City Clerk, J _ APPROVED AS TO FORM: Richard L.-Adams, II City Attorney :Resolution No. 2017-25 Page 3 of 3 August 8, 2017 STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) CITY OF GRAND TERRACE ) I Debra L. Thomas, City Clerk of the CITY OF GRAND TERRACE, CALIFORNIA, DO HERBY CERTIFY that the foregoing Resolution, being Resolution No. 2017-25 was duly passed, approved and adopted by the City Council, approved and signed by the Mayor, and attested by the City Clerk, at the regular meeting of said City Council held on the 8th day of August, 2017, and that the same was passed and adopted by the following vote: AYES: Council Members Wilson, Hussey, Reinarz; Mayor Pro _Tern Robles; Mayor McNaboe NOES: ABSENT: ABSTAIN: Executed this 9th day of August, 2017, at Grand Terrace, California. Debra L. Thomas City Clerk [SEAL]