HomeMy WebLinkAboutRESOLUTION NO. 1 (appears to be a library resolution) RESOLUTION NO. 1
A RESOLUTION REQUESTING THE COUNCIL TO ESTABLISH A LIBRARY BUILDING
TRUST FUND FOR THE BENEFIT OF THE FAIRFAX PUBLIC LIBRARY.
Be it Resolved by the Baord of Trustees of the Fairfax Public Library, Fairfax,.
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Section 1. The City Council is requested to allow the Fairfax Public
Library, In order to provide funds for a building project, to establish a Library
Building* Trust fund in a third party escrow account at. the Fairfax State Savings
Bank. The Fund is to be an expendable trust and shall. be appropriated to the.
current budget in the amounts requested by the library trustees and only for the
purpose set out herein. The Board of Trustees shall have sole authority to
G;::te� dni. e how the appropriated funds are to be spent.,
`ne finance officer of the Fairfax State Savings Bank shall keep the
;assets of the fund invested at the most advantageous rates compatible with safety
and the requirements of the law applying to public funds in trust, the interest
to be added to this trust fund.
Donations received are conditioned that those sums will only be spent
Lir the purposes set out herein, and no donations given for the purpose set out
shall be used for any other purpose without the express approval of -the donors.
Alimonies received for the purpose of building a new library will be
refunded to the donor if the project is unable to proicede for lack of fundi.n,g.
All existing monies onA)ei,1 ,_, 1989 in possession of the Board of
'1 , 11:pstees from gifts or devises, together with any interest previously earned
thereon will be deposited to this Library Building Trust Fund as expeditiously
as possible upon its establishment by the City Council.
Section 2. This resolution shall be effective upon its passage and
approval in accordance with law.
*� 1 .89.
Passed and approved this !� day of JCA
PRESIDENT-BO Il of L RARY TRUSTEES
ATTEST:
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:)ARD SE ,hTARY