HomeMy WebLinkAbout6.o. Laidlaw Community Trust Agreement Amendment CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: DECEMBER 16, 1997
AGENDA: LAIDLAW COl��]'�VIUIVITY TRUST AGENDA SECTION:
AGREEMENT AMENDMENT CONSENT
PREPARED BY: THOMAS D. BURT, CITY ADMII�TISTRATOR AGEN��� � � O
ATTACHMENTS: RESOLUTION APPROVED
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A request has been made to amend the Laidlaw (formally U.S.P.C.I.) Trust Agreement in order to facilitate
further donations to local organizations taking into account the income available to the Trust as it grows. City
Attorney LeFevere prepared the attached resolution for the arnendment.
RECOMMENDED ACTION: MOTION to adopt A RESOLUTION APPROVING THE
AMENDMENT TO THE LAIDLAW INC. (d.b.a. U.S.P.C.I.,INC.)ROSEMOUNT COMMUNITY
TRUST AGREEMENT.
COUNCIL ACTION:
CITY OF ROSEMOUNT
DAKOTA COUNTY,MINNESOTA
RESOLUTION 1997-
A RESOLUTION APPROVING THE AMENDMENT
TO THE LAIDLAW,INC. (d.b.a. USPCI,INC.)
ROSEMOUNT COMMUNITY TRUST AGREEMENT
WHEREAS,the Laidlaw,Inc. (d.b.a. U.S.P.C.I., Inc.)Rosemount Community Trust is
responsible for the receipt, management, and disbursement of donations received from Laidlaw,
Inc., a corporation organized under the laws of the State of Delaware (hereafter the"Donor"), all
pursuant to the Laidlaw, Inc. Rosemount Community Trust Agreement dated November 19,
1992, as amended(hereinafter the"Trust Agreement"); and
WHEREAS,paragraph 4 of the Trust Agreement provides in part: "Subject to the foregoing,
during the first five (5)years after the establishment of the trust, the Trustees may annually
distribute the sum of Seventy-Five Thousand Dollars ($75,000) or the income of the hust,
whichever is greater. Thereafter,the Trustee may annually distribute an amount not to exceed
the income of the trust."; and
WHEREAS, said provision was based on an estimated receipt of donated funds which was
higher than the amount of such funds which has actually been received by the trust; and
WHEREAS, an amendment to the Trust Agreement is necessary and desirable to effect the I
original intent of the Trust Agreement; and
WHEREAS, such amendment, which is hereinafter set forth, is consistent with the purpose and
intent of the Trust Agreement; and
WHEREAS,paragraph l l of the Trust Agreement provides that the agreernent may be amended
by the unanimous consent of the Trustees, together with the approval of the City of Rosemount
and the Donor;
NOW,THEREFORE,BE IT RESOLVED,by the City Council of the City of Rosemount:
1. That the City Council approves the amendment of the sentence in paragraph 4 of the Trust
Agreement which reads "Subject to the foregoing, during the first five(5) years after the
establishment of the trust,the Trustees may annually distribute the sum of Seventy Five
Thousand Dollars ($75,000) or the income of the trust,whichever is greater."to "Subject to the
foregoing, the Trustees may annually distribute the sum of Seventy Thousand Dollars ($75,000)
or the income of the trust, whichever is greater,until the annual income of the trust for any fiscal
year equals ar exceeds Seventy Five Thousand Dollars ($75,000)."
2. That the Mayor and Clerk are authorized and directed to execute such documents as are
necessary to acknowledge the consent of the City council to such amendment.
RESOLUTION 1997 -
ADOPTED the 16th day of December, 1997.
Cathy Busho,Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Second by:
Voted in favor:
Voted against:
Members Absent:
2