HomeMy Public PortalAbout2013_11_26_O016 Amending the TC to establish a library endowment fund The Town of
Leesburg,
Virginia
PRESENTED: November 26, 2013
ORDINANCE NO. 2013-0-016 ADOPTED: November 26, 2013
AN ORDINANCE: ESTABLISHING AN ENDOWMENT FUND FOR THE PURPOSE OF
SUPPORTING A LIBRARY OWNED OR OPERATED BY THE TOWN
WHEREAS, pursuant to Virginia Acts of Assembly, 2013 Session, Chapter 528, the
Virginia General Assembly approved an Act authorizing the Town to establish an endowment
fund for the propose of supporting a library owned or operated by the town; and
WHEREAS,the act authorizes the fund to receive all gifts, grants, or contributions
designated for inclusion in the endowment; and
WHEREAS, the act authorizes that the endowment shall be established and administered
by the town council or by a nonprofit entity created or approved by the town council for such
purpose. The town council shall grant such powers and authority as may be necessary to
administer the endowment; and
WHEREAS, the act mandates that no part of the endowment shall revert to the general
fund of the town.
THEREFORE, the Council of the Town of Leesburg in Virginia hereby ordains:
SECTION I. That Town Code, Part II, Chapter 2 (Administration), Article IV
(Finance), Section 2-165 be enacted and shall read as follows:
Section 2-165. Thomas Balch Library Endowment Fund.
(a) Created and Established. The Thomas Balch Library Endowment Fund is hereby
created and established.
(b) Purpose. The purpose of the Fund is to support the programs, mission and collections
of the Balch Library.
(c) The Fund may receive all gifts, grants or contributions designated for inclusion in the
endowment.
-2-
AN ORDINANCE: ESTABLISHING AN ENDOWMENT FUND FOR THE PURPOSE OF
SUPPORTING A LIBRARY OWNED OR OPERATED BY THE TOWN
(d) The Fund shall be administered by the Thomas Balch Library Endowment
Foundation which is hereby established subject to approval of articles of organization
and by-laws by the town council.
(e) The Foundation shall file the appropriate articles of incorporation and enact by-laws
both of which must be approved by the town council.
(f) The Board shall consist of five members which shall include the Director of the
Thomas Balch Library, an elected representative from each of the following: the
Thomas Balch Library Advisory Commission, Friends of the Thomas Balch Library,
Leesburg Town Council, and a member at large appointed by the remaining board
members.
(g) All monies contained in the fund shall be held in a designated account separate from
the town's general fund.
(h) This separate account shall be maintained by town under the supervision of the
Director of Finance or his/her fiscal agent for investment purposes.
(i) The Secretary/Treasurer of the Board of Directors of the Foundation shall work with
the Director of Finance or his/her fiscal agent to maintain the care and custody of the
assets and financial documents of the Fund.
0) The Library Director and the Director of Finance or his/her fiscal agent shall serve as
the Foundation's bookkeeper and shall keep accurate books of the Fund's accounts.
(k) All transactions and books of the Fund and Foundation shall be subject at all times to
the inspection and control of the Secretary/Treasurer of the Board, the Director of
Finance or his/her fiscal agent and the town council or its designee.
(1) No part of the endowment shall revert to the general fund of the town.
(m)Members of the Board shall serve for 2 year terms and may serve up to 3 successive
terms and the initial terms shall be as set forth in the By-Laws as approved by
Council.
SECTION II. The By Laws dated November 21, 2013 are hereby included and approved
as part of this ordinance.
SECTION III. All prior ordinances in conflict herewith are hereby repealed.
SECTION IV. Severability. If a court of competent jurisdiction declares any provision
of this ordinance invalid, the decision shall not affect the validity of the ordinance as a whole or
any remaining provisions of the Leesburg Town Code.
-3-
AN ORDINANCE: ESTABLISHING AN ENDOWMENT FUND FOR THE PURPOSE OF
SUPPORTING A LIBRARY OWNED OR OPERATED BY THE TOWN
SECTION V. This ordinance shall be effective upon its adoption.
PASSED this 26th day of November, 2013.
; r. mstattd, Mayor
Town of Leesburg
AT FA
Clerk of o
P:\Ordinances\2013\1126 Balch Library Endowment.docx