HomeMy Public PortalAboutRES-CC-2003-27CITY OF MOAB
RESOLUTION #27-2003
A RESOLUTION AUTHORIZING THE ACCEPTANCE OF AN ANONYMOUS
DONATION OF SECURITIES TO THE CITY OF MOAB FOR THE PURPOSE OF
ACQUIRING PARK LANDS AND IMPROVEMENTS, AUTHORIZING THE
LIQUIDATION OF THE SECURITIES, AND DESIGNATING A DEPOSITORY
FINANCIAL INSTITUTION
WHEREAS, the City of Moab has been approached by a donor who wishes to remain
anonymous with respect to a donation of investment securities having a value of approximately
$210,000 00,
WHEREAS, the City and the donor wish to apply the sum of $200,000 00 of the grant
proceeds toward the purchase of approximately 17 acres of real property in the City of Moab,
commonly known as the Williamson property, for the extension of the Mill Creek Parkway and
for public park purposes,
WHEREAS, the City and the donor wish to apply the sum of $10,000 00 of the grant
proceeds toward the purchase of musical playground instruments to be installed at the Rotary
Park, and
WHEREAS, the City wishes to designate a depository bank to facilitate the transfer
NOW THEREFORE, the City of Moab authorizes as follows
1 The anonymous donation of investment securities is authorized and accepted to be
applied for the purposes descnbed above City staff shall proceed with the
acquisition of the real property and park improvements as soon as practicable
2 The City Treasurer is authorized to establish a brokerage account to be owned by
the City with Wells Fargo Bank for the sole purpose of accepting the deposit of
the securities from the donor Following consummation of the transfer, the
Treasurer is directed to immediately liquidate the secunties for cash and to
deposit the proceeds in the appropriate City account
3 The City hereby authonzes expenditure of the grant proceeds in the amounts
specified above
4 This resolution shall take effect immediately upon passage
Resolution N27-2003 Page I of 2
PASSED, ADOPTED AND APPROVED by the Governing Body of the City of Moab in open
session this 18t day of November 2003 This resolution shall take effect immediately upon
passage
THE CI 1 F MO
By
David Sal rison, Mayor
ATTE
I
Date
By CeeatlJel, I I — 1 q, —03
Rachel Ellison, City Recorder Date
Resolution #27-2003 Page 2 of 2