HomeMy Public PortalAbout05-2003-5 RESOLUTION NO.2003- .
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A RESOLUTION APROVING PUTNAM COUNTY
FOUNDATION FUND AGREEMENT
WHEREAS, the City of Greencastle, the Citizens Advisory Council for Industrial Development
(CACFID), and the Putnam County Foundation entered into a Fund Agreement December 27, 1995, in the
amount of $650,000 for the purpose of providing support for Greencastle Industrial Development as
administered by the CACFID;and
WHEREAS, it is necessary to enter into an updated fund agreement with the Putnam County
Community Foundation for funds held by it on behalf of the City of Greencastle CACFID in order to
eliminate irrelevant or outdated terms of the original agreement,and to meet required federal and foundation
requirements.
NOW THERFORE BE IT RESOLVED THAT THE CITY OF GREENCASTLE through it
Common Council approves the attached Designated Endowment Fund Agreement and submits it to the
Greencastle CACFID for approval.
PASSED AND RESOLVED by the Common Council of the City of Greencastle at its regular
meeting this //Aday of NY-_G.0 ,2003.
y
Thomas W.Roach / Ma k N.Hammer
j//
l 1
Robert Sedlack Joe M.Liech
Michael W.Rokicki
Approved and signed by me this //(, day off � ,2003,at 4 •3Q o'clock p.m.
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NancyM hael,Mayor
ATTE
Pamela S.Jones,Cle c--V surer
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THE PUTNAM COUNTY COMMUNITY FOUNDATION,INC.
DESIGNATED ENDOWMENT FUND AGREEMENT II
Greencastle Industrial Development Fund
THIS AGREEMENT, is made and entered into on the date indicated by the signatures on
the last page by and between THE PUTNAM COUNTY COMMUNITY FOUNDATION, INC.
(hereinafter referred to as the "Foundation")and the CITIZENS ADVISORY COMMISSION
FOR INDUSTRIAL DEVELOPMENT AND THE CITY OF GREENCASTLE(hereinafter
referred to as the "Founding Contributors").
THIS AGREEMENT replaces and supercedes any previous documents and agreements.
WITNESSETH:
WHEREAS,the Founding Contributors desire to create a charitable designated
endowment in the Foundation; and
WHEREAS,the Foundation is a nonprofit Indiana corporation exempt from
taxation under Internal Revenue Code("Code")section 501 (c) (3), a public charity
described in section 170(b)(1)(A)(vi)of the Code, and accordingly an appropriate
institution within which to establish such a charitable endowment; and
WHEREAS,the Foundation is willing and able to create such an endowment as a
Designated Endowment Fund, subject to the terms and conditions hereof;
NOW THEREFORE,the parties agree as follows:
1. NAME OF THE FUND. There is hereby established within the Foundation, and is
a part thereof,a fund designated as the GREENCASTLE INDUSTRIAL DEVELOPMENT
FUND, hereinafter referred to as("the Fund")to receive gifts, in whatever form of money or
property, and to administer the same.
2. PURPOSE. The primary purpose of the Fund shall be to provide financial support
for Greencastle Industrial Development as administered by the Citizens Advisory Commission
for Industrial Development, Greencastle,Indiana, a committee of the City of Greencastle, to
carry out its role and mission as described by its governing documents.
3. GIFTS. The Founding Contributors have transferred, irrevocably to the Foundation,
the sum of$650,000.00. Subject to the right of the Foundation to reject any particular gift, any
person whether an individual,corporation,trust, estate,or organization(hereinafter referred to as
"Donor")may make additional gifts to the Foundation for the purposes of the Fund by a transfer
to the Foundation of property acceptable to the Foundation in whole or in part from the Fund.
All gifts,bequests, and devises to this Fund shall be irrevocable once accepted by the
Foundation.
4. DISTRIBUTION. The Community Foundation has adopted the Uniform
Management of Institutional Funds Act(UMIFA). It establishes its investment,payout, and
disbursement policies in accordance with UMIFA standards and definitions,the Foundation's
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2
mission,the needs of the community,and the interests of its donors. The Board of the
Foundation may appropriate for expenditure the interest, dividends, and net appreciation
(realized and unrealized), in the fair market value of the assets of an endowment fund as is
prudent under the standards.
The earnings allocable to the Fund, net of the fees and expenses set forth in paragraph 11, may be
committed, granted, or expended only for purposes described in Section 2,pursuant to the
investment and payout policies of the Foundation. If any gifts to the Foundation for the purposes
of the Fund are received and accepted subject to a Donor's conditions or restrictions as to the use
of the gift or income therefrom, said conditions or restrictions will be honored, subject,however,
to the authority of the Foundation's Board of Directors(hereinafter the "Board")to vary the terms
of any gift if continued adherence to any condition or restriction is in the judgment of the
Foundation's Board unnecessary, incapable of fulfillment, or inconsistent with the charitable or
other exempt purposes of the Foundation or needs of the community served by the Foundation.
No distribution shall be made from the Fund to any individual or entity if such distribution will
in the judgment of the Foundation endanger the Foundation's Code section 501 (c)(3)status.
5. ADMINISTRATIVE PROVISIONS. Notwithstanding anything herein to the
contrary,the Foundation shall hold the Fund,and all contributions to the Fund, subject to the
provisions of the applicable Indiana laws and the Foundation's Articles of Incorporation and By-
laws. The Board shall monitor the distribution of the Fund to ensure it is used exclusively for
charitable or other exempt purposes(within the meaning of Code section 170 (c)(1)or(2)(b),
and shall have all powers of modification and removal specified in United States Treasury
Regulations Section 1.170A-9 (e)(11)(v)(B).
The donor hereby designates the Mayor of the City of Greencastle as its agent for service
of notice by the Foundation of any actions taken or contemplated. The agent will notify the
Foundation in writing of changes in the agent designation. The Board agrees to provide the agent
and any Donor that has contributed to the Foundation at least$5,000, a copy of the annual
examination of the finances of the Foundation as reported upon by independent certified public
accountants.
6. CONDITIONS FOR ACCEPTANCE OF FUNDS. The Foundation agrees and
acknowledges that the establishment of the Fund herein and the transfer of the funds thereto is
made subject to IC 36-1-14-1. The Founding Contributors agree and acknowledge that the
establishment of the Fund herein created is made in recognition of, and subject to,the terms and
conditions of the Articles of Incorporation and By-laws of the Foundation as from time to time
amended.
7. CONTINUITY. The Fund shall continue so long as assets are available in the Fund
and the purposes in the Fund can be served by its continuation. If the Fund is terminated because
the intended purposes are no longer meaningful or possible,the Foundation shall devote the
remaining assets in the Fund for charitable purposes that most nearly resemble, in the opinion of
the directors of the of the Putnam County Community Foundation, Inc.,the original intended
purpose of the Fund.
8. NOT A SEPARATE TRUST. The Fund shall be a component part of the
Foundation. All money and property in the Fund shall be held as general assets of the
Foundation and not segregated as trust property of a separate trust; provided that for purposes of
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3
determining the share of the Foundation's earnings allocable to the Fund and the value of the
principal of the Fund,the interest of the Fund in the general assets of the Foundation shall be a
percentage determined by dividing the gift to the Fund by the then value of the total assets of the
Foundation, such percentage interest being subject to adjustment at the time of each addition to
or reduction of the assets of the Foundation.
9. ACCOUNTING. The receipts and disbursements of this Fund shall be accounted for
separately and apart from those of other gifts of the Foundation. The Putnam County
Community Foundation shall meet any and all reporting requirements to the Internal Revenue
Service and any other state or federal agency on the activity in the Fund.
10.INVESTMENT OF FUNDS. The Foundation shall have all powers necessary, or in
its sole discretion desirable,to carry out the purposes of the Fund, including, but not limited to,
the power to retain, invest,and reinvest the Fund and the power to co-mingle the assets of the
Fund with those of other funds for investment purposes.
11.COSTS OF THE FUND. It is understood and agreed that the Fund shall pay its
proportionate share of the total investment and administrative costs of the Foundation. Those
costs annually charged against the Fund shall be determined in accordance with the then current
fee schedule identified by the Foundation as applicable to funds of this type.
IN WITNESS WHEREOF,the Founding Contributor has executed this Agreement and
the Foundation has caused this Agreement to be approved by its Board and to be executed by a
duly authorized officer, all as of the day and year first above written.
FOR THE FOUNDING CONTRIBUTORS:
Date
Date
Date
Date
Date
Date
Date
Date
FOR THE PUTNAM COUNTY COMMUNITY FOUNDATION:
Lynn A. Bohmer, President Date
S:\PCCF Funds\CACFID\CACFID Updated Fund Agreement.doc
DESIGNATED ENDOWMENT FUND AGREEMENT
BETWEEN
PUTNAM COUNTY FOUNDATION, INC.
AND
CITIZENS ADVISORY COMMISSION
FOR INDUSTRIAL DEVELOPMENT
AND
THE CITY OF GREENCASTLE
THIS AGREEMENT, made and entered into on Die...E.-mig£.2. 27 ,
1995, by and between PUTNAM COUNTY FOUNDATION, INC. (the
"Foundation" ) , and CITIZENS ADVISORY COMMISSION FOR INDUSTRIAL
DEVELOPMENT AND THE CITY OF GREENCASTLE (hereinafter referred to
as the "Founding Contributors" ) ,
WITNESSETH:
WHEREAS, the Founding Contributor desires to create a
charitable designated endowment in the Foundation; and
WHEREAS, the Foundation is a nonprofit Indiana corporation
exempt from taxation under Internal Revenue Code ( "Code" ) section
501 (c) (3) , a public charity described in section 170 (b) (1) (A) (vi)
of the Code, and accordingly an appropriate institution within
which to establish such a charitable endowment ; and
WHEREAS, the basic purpose_ of the Foundation is to serve the
continuing charitable wishes of the donor in perpetuity; and
WHEREAS, the Foundation is willing and able to create such
an endowment as a Designated Endowment Fund, subject to the terms
and conditions hereof;
NOW THEREFORE, the parties agree as follows :
1 . NAME OF THE FUND. There is hereby established in the
Foundation, and as a part thereof, a fund designated as
GREENCASTLE INDUSTRIAL DEVELOPMENT FUND (hereinafter referred to
as "the Fund" ) to receive gifts, in whatever form of money or
property, and to administer the same .
2 . PURPOSE . The primary purpose of the Fund shall be to
provide support for Greencastle Industrial Development as
.administered by Citizens Advisory Commission for Industrial
Development to carry out their role and mission as described by
their governing documents .
3 . GIFTS . The Founding Contributor hereby transfers
irrevocably to the Foundation the sum of $ (,SO, OOO
Subject to the right of the Foundation to reject any particular
gift, any person whether an individual, corporation, trust,
1
estate, or organization (hereinafter referred to as "Donor") may
make additional gifts to the Foundation for the purposes of the
Fund by a transfer to the Foundation of property acceptable to
the Foundation in whole or in part for the Fund. All gifts,
bequests, and devises to this Fund shall be irrevocable once
accepted by the Foundation.
4 . DISTRIBUTION. The annual earnings allocable to the
Fund shall be distributed upon written notice to the Foundation
by Citizens Advisory Commission For Industrial Development and
the Greencastle Common Council. The original Fund principal and
any donated principal additions to the Fund, may not be
committed, granted, or expended. If any- gifts to the Foundation
for the purposes of the Fund are received and accepted subject to
a Donor' s conditions or restrictions as to the use of the gift or
income therefrom, said conditions or restrictions will be
honored, subject, however, to the authority of the Foundation' s
Board of Directors (hereinafter the "Board" ) to vary the terms of
any gift if continued adherence to any condition or restriction
is in the judgement of the Foundation' s Board unnecessary,
incapable of fulfillment, or inconsistent with the charitable or
other exempt purposes of the Foundation or needs of the community
served by the Foundation. No distribution shall be made from the
Fund to any individual or entity if such distribution will in the
judgement of the Foundation endanger the Foundation' s Code
section 501 (c) (3) status .
5 . ADMINISTRATIVE PROVISIONS . Notwithstanding anything
herein to the contrary, the Foundation shall hold the Fund, and
all contributions to the Fund, subject to the provisions of the
applicable Indiana laws and the Foundation' s Articles of
Incorporation and By-laws . The Board shall monitor the
distribution of the Fund to ensure it is used exclusively for
charitable or other exempt purposes (within the meaning of Code
section 170 (c) (1) or (2) (B) , and shall have all powers of
modification and removal specified in United States Treasury
Regulations Section 1 . 170A-9 (e) (11) (v) (B) .
The Board agrees to provide the Founding Contributor a copy
of the annual examination of the finances of the Foundation as
reported upon by independent certified public accountants .
The Putnam County Foundation, Inc . in consideration of the
unique nature of the Fund and in a desire to insure the perpetual
presence of qualified, community responsive Foundation Board
leadership, hereby agrees to amend its• by-laws to provide that,
at all times, at least 15% (not less than three) members of the
Foundation Board shall be selected and appointed or reappointed
annually as follows :
2
a. 1 member named by the Greencastle City Council .
b. 1 member named by the Mayor (member appointed should be
,-1 member of Greencastle Common Council so long as any member is
willing to serve) .
c. 1 member designated by the Mayor of the City of
Greencastle (maybe Mayor) .
d. Any additional members required to attain the 15%
requirement shall be named by the Mayor and shall be members of
CACFID.
The above named individuals shall also be named and serve as
a subcommittee of the Foundation Finance Committee and shall have
authority over the investments of the Fund within the guidelines
of the Foundation Board investment policies , 6/M/T1 may is Q,£ic kf-4
6 . CONDITIONS FOR ACCEPTANCE OF FUNDS. The Founding
Contributor and Donors agree and acknowledge that the
establishment of the Fund herein created is made in recognition .
of, and subject to, the terms and conditions of the Articles of
Incorporation and By-laws of the Foundation. The Foundation
agrees and acknowledges that the establishment of the Fund herein
and the transfer of the funds thereto is made subject to I .C. 36-
1-14-1 and further that the Foundation receive a matching amount
from the Lilly Endowment up to total qualifying match and, if
not, the parties agree that the property, and the net
appreciation of the property, realized or unrealized, shall
revert back to the Founding Contributor.
7 . CONTINUITY. The Fund' shall continue so long as assets
are available in the Fund and the purposes in the Fund can be
served by its continuation. If the Foundation loses its status as
a public charitable orgainization, is liquidated, violates any
condition of this Endowment Agreement, or the- Fund is terminated,
the Foundation shall return the property in the Fund, plus the
net appreciation of property, realized or unrealized, to the
Greencastle Industrial Development Fund.
8 . NOT A SEPARATE TRUST. The Fund shall be a component
part of the Foundation. All money and property in the Fund shall
be held as general assets of the Foundation and not segregated as
trust property of a separate trust; provided that the purposes of
determining the share of the Foundation' s earnings allocable to
the Fund and the value of the principal of the Fund, the interest
of the Fund in the general assets of the Foundation shall be a
percentage determined by dividing the gift to the Fund by the
then value of the total assets of the Foundation, such percentage
interest being subject to adjustment at the time of each addition
to or reduction of the assets of the Foundation.
9 . ACCOUNTING. The receipts and disbursements of this Fund
shall be accounted for separately and apart from those of other
gifts to the Foundation.
3
10 . INVESTMENT OF FUNDS . The Foundation shall have all
powers necessary to carry out the purposes of the Fund,
including, but not limited to, the power to retain, invest, and
reinvest the Fund and the power to commingle the assets of the
Fund with those of other funds for investment purposes.
11 . COSTS OF THE FUND. It is understood and agreed that
the Fund to the extent of the original principal contributed from
the Industrial Development Fund along with any net appreciation
shall be administered without cost to Fund by the Foundation,
however, any direct cost in accepting, managing or transferring
assets shall be paid from the Fund.
IN WITNESS WHEREOF, the City of Greencastle and its Citizens
Advisory Commission For Industrial Development have executed this
Agreement and the Foundation has caused this Agreement to be
approved by its Board and to be executed by a duly authorized
officer, all as of the day and year first above written.
CITY GR CAST
Michael M. Harmless,Mayor
ATTEST: ' � �
Clerk /Aii /' am'-e°v :
CITIZENS ADVISORY COMM SSION.
FOR INDUSTRIAL DEVE PMEI
Robert E. Hutchings, Chairman Michae (�. Harmle , Mayor
el on F rd Dipy.l.d G. J k an
a id Murra Gary u r
Approved by the Board of Directors of the Putnam County
Foundation, Inc . , on �cG 4r ,/ ,?eY /99 S
PUTNAM COUNTY FOUNDATION, INC.
By \ Q n �J
Preside
gr\b\endpcfca.agr
4
RESOLUTION NO. 1995-29
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS
ADMINISTERED JOINTLY BY THE COMMON COUNCIL AND THE
CITIZENS ADVISORY COMMISSION FOR INDUSTRIAL
DEVELOPMENT TO THE PUTNAM COUNTY FOUNDATION.
WHEREAS, the City of Greencastle by Ordinance 1986-16 created an Industrial
Development Fund; and
WHEREAS, such fund was created pursuant to IC 36-7-13-4 for the purpose of industrial
development and expansion for the City of Greencastle; and
WHEREAS, it is in the interest of the Community and will further the purpose of the
funds if such funds are placed with the Putnam County Foundation subject to conditions set forth
in the Endowment agreement attached hereto.
NOW THEREFORE BE IT RESOLVED THAT THE CITY OF GREENCASTLE
approve the transfer of $ 6 cb`o,o from it's Industrial Development Fund to the Putnam
County Foundation pursuant to the Endowment Fund agreement.
PASSED AND RESOLVED by the Common Council of the City of Greencastle at its
regular meeting this .'7 f' day of Pc t i.u'e-, 1995.
COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA
. .
Thomas W. Roach Su an V. Murray
Ma k N. H er M chael W. Rokicki
Charles T. Miles
Approved and signed by me this 27aday of PeeeL. , 95 at =sS'o' ock p.m.
Michael M. Harmless, Mayor
ATTEST:
Donald L. Weaver, Clerk-Treasurer
J
RESOLUTION 1999-0Y
,---, A RESOLUTION RECOMMENDING REVISION OF
GREENCASTLE FOUNDATION BY-LAW
WHEREAS, the By-Laws for the Putnam County Foundation provide for at least
fifteen percent (15%) membership on its Board of Directors from representatives of the City
of Greencastle; and
WHEREAS, the Putnam County Foundation is seeking to reduce the number of its
current members on its Board of Directors; and
WHEREAS, the reduction in members of the Board of Directors would necessitate a
reduction in the number of representatives from the City in order to maintain the fifteen
percent (15%) minimum City representation.
NOW THEREFORE BE IT RESOLVED that the Common Council recommend the
revision of the Putnam County Foundation By-Laws, Article III - Directors, B. Annual
Appointments, as follows:
B. Annual Appointments
1. At least fifteen percent (15%) of the Board Members (not less than 2) shall be
appointed for a one year term as follows:
a. One member named by the Greencastle City Council from its membership.
b. One member designated by the Mayor from the City of Greencastle.
c. Any additional members required to obtain the fifteen percent (15%)
requirement shall be named by the Mayor and shall be members of CACFID.
COMMON COUNCIL OF THE CITY OF GREENCASTLE
(____,7/...7).-c-, 4,, ,"- •‘..=---r
,.../ /3,t A, ,730 __,.._.<,/ .
Tom Roach Barry $ynard"
ca Mljet:f-i-.-i-.‘
ark Hammer David Masten
,,� Kiet men
Approved and signed by me this Q day of I )1e4y 1999, at f./o'clock
p.m.
N ncy A. lchael,
Mayor
ATTEST:
Pamela S. Jones, Cl r -T easurer
green\c\revision.byl
City of Greencastle
Nancy A. Michael
City Hall = . r)
One North Locust Street Mayor
P.O. Box 607 -�
Greencastle, Indiana 46135
December 9,2002
Dr.James Renz, President
Putnam County Community Foundation
2 South Jackson Street
Greencastle, Indiana 46135
RE: Greencastle Industrial Development Fund
Dear Dr. Renz:
The City of Greencastle and the Citizens Advisory Commission for Industrial Development(CACFID)
have been updated regarding the activities of the Community Foundation and the changes that have been
made to the payout policy since we established the Fund.
We are-writing to request that the Community Foundation Board be willing to make an exception to its
payout policy in the administration of this Fund. We do not know if we will need to take action on this
exception to the payout policy,but we are writing to request that the Foundation Board determine if it
would be willing to grant such exceptions to us in the future.
First,we request that the Board consider allowing the City and CACFID to request and receive all unused
and available payouts since the inception of the Fund.
Second,we request that the Board consider allowing the City and CACFID to retain the payouts in the
Fund for investment purposes, with the understanding that the City could obtain all payouts in the future
in a lump sum.
Our goals are simple: we want to preserve the endowment,earn as much as we can on our dollars,and
have many options available to quickly obtain money if we should need it in the future.
Please respond to this request in writing. If there are any questions,please do not hesitate to contact me.
Sincer y,
•
14-44c c- 3._
Nancy A. ' ael
Ke,
THE PUTNAM COUNTY COMMUNITY FOUNDATION
=.,.
___• . 'r' - 2 South Jackson Street • Post Office Box 514 • Greencastle, Indiana 46135
T — H — Er
Phone (765) 653-4978 •• Fax (765) 653-6385 •• www.pcfoundation.org
I' UTNAM
COUNTY
COMMUNITY January 27, 2002
_ FOUNDATION_ Nancy A. Michael
= Mayor, City of Greencastle
One North Locust Street
P.O.Box 607
Executive Director Greencastle,Indiana 46135
M.Elaine Peck
Re: Greencastle Industrial Development Fund
Chief Financial Officer
Barbara W.Bryan Dear Mayor Michael:
Program/Communication
The Finance Committee and the Board of the Putnam County Community
Director Foundation have reviewed your request for an exception to the Foundation's
Teresa P.Glenn Payout Policy for the fund identified above. On behalf of the Community
Foundation,I wish to say again how much we appreciate your support of and
Board of Directors involvement with the Foundation. The Foundation greatly values its partnership
with the City of Greencastle and the Citizens Advisory Commission for
Alan Barber Industrial Development(CACFID).
n Lynn Bohmer
The Community Foundation is dedicated to service of the community and its
Robert Evans donor partners, and we are pleased to inform you that your request for an
Louis Fontaine exception has been approved as follows:
Robert Harbison • The City and CACFID will be allowed to request and receive all unused and
Jacque McGaughey available payouts since the inception of the Fund,not to exceed an amount that
preserves the historic gift of the fund. At least ninety(90)days written notice is
Sue Murray required.
Max Nichols • The City and CACFID will be allowed to retain the payouts in the Fund for
John O'Hair investment purposes,with the understanding that the City and CACFID could
Murray Pride obtain all payouts in the future from the fund in a lump sum—not to exceed an
amount that preserves the historic gift of the fund. At least ninety(90)days
Laurie Robertson written notice is required.
Mike Rokicki
If there are any questions,please do not hesitate to contact me or Elaine Peck,
Ginger Scott the Executive Director of the Community Foundation.
Darrell Wiatt
Sincerely,
Lynn Bohmer
President
PUTNAM COUNTY FOUNDATION
ADDENDUM TO
PAYOUT AND INVESTMENT POLICY
LOAN POLICY:
From time to time it may be deemed desirable for the Foundation to loan funds
to a not-for-profit entity defined under 501 (c), IRC. Such loans would constitute an
investment of the principal of the assets of the Foundation and will be made only in
situations where there is adequately documented repayment ability. The minimum
amount of the loan should be $20,000.
The need for such a loan will be consistent with the normal investment policies
and procedures of the Foundation and will meet all IRS requirements. The Finance
Committee will review the application from a financial feasibility standpoint and oversee
the adherence to established policy. Any loan application received for a loan from
unrestricted funds will be reviewed by the Grants Committee for adherence to
established granting criteria.
The Finance Committee will be responsible for:
1. Recommending to the Board of Directors of the Foundation, the interest rate
to be charged in any given year. This rate will be reviewed annually for loans
to be made in that year.
2. Interest rates charged will be no lower than 1% per annum, simple interest
while the maximum rate shall be prime rate as of time of application.
3. Approving the length of time for repayment of the loan.
4. Confirming documented repayment ability.
5. Proper monitoring and accounting procedures will be adopted in order to
assure the timely repayment of the loan. Extensions and modifications of
the original loan should meet the criteria of the original loan.
Restricted Funds:
Such entities who have established restricted funds may apply for a loan from
their restricted fund in an amount not to exceed 100% of their principal of the restricted
fund. Those who have established restricted funds may apply for a loan from
unrestricted funds only after utilizing the entire principal of their restricted fund.
Unrestricted Funds:
Total loans from unrestricted funds will not exceed 10% of total unrestricted
assets at the time of the loan.
Fees:
Management fees will continue to be levied on the balance of the restricted
fund. The Fund balance includes outstanding loan balance. There will be a loan
processing fee of 1% of the borrowed funds. This loan processing fee will be levied on
all funds including those exempt from management fees.
This policy should be reviewed periodically and adjusted to fit the situations of the
times. The concern of the Finance Committee should always be the preservation and
growth of capital and enhancement of the income from such capital, but tempered by
the needs of the county.
Adopted 1996.