HomeMy WebLinkAbout6.e. USPCI Community Trust Amendment � r
� � CITY OF R03EMOUNT
4 EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: AUGUST 16, 1994
AGENDA ITEM: RESOLUTION AMENDING USPCI AGENDA SECTION: CONSENT
ROSEMOUNT COMMUNITY TRUST AGREEMENT
PREPARED BY: THOMAS D. BURT AGENDA NO. ADD ON
CITY ADMINISTRATOR -
ATTACHMENTS: RESOLUTION, LETTER FROM IRS, APPROVED BY:
TRUST AGREEMENT
Reid Hansen, attorney for the USPCI, Inc. City of Rosemount Trust has
provided the City with a sample resolution for City Council consideration.
By adopting the attached resolution, the City Council will add to the
definition of the purpose of the trust. This will satisfy the Internal
Revenue Service's requirement for the trust to qualify as a 501(3) (c)
charitable organization.
Upon action by the City Council, the final resolution will be prepared for
signatures.
RECOMMENDED ACTION: MOTION TO ADOPT A RESOLUTION AMENDING THE USPCI,
INC. CITY OF ROSEMOUNT TRUST AGREEMENT.
ACTION TAKEN:
. .
, a
City Resolution #_
WHEREAS, the USPCI, Inc. Rosemount Community Trust, under a
trust agreement dated November 19, 1992, has applied for tax exempt
status under the Internal Revenue Code of 1986, as amended;
WHEREAS, the Internal Revenue Service has requested that the
trust be amended to include several provisions to insure that the
trust would be organized and operated exclusively for charitable
purposes within the meaning of Section 501(c) (3) of the Internal
Revenue Code;
WHEREAS, the amendments requested by the Internal Revenue
Service are consonant with the purposes, organization, and
operation of the trust;
WHEREAS, Section il of the trust agreement provides for its
amendment by the unanimous consent of the trustees, together with
the approval of the City of Rosemount and USPCI, Inc. , and the City
of Rosemount is desirous of approvinq the amendment of the trust
agreement as hereinafter provided;
NOW TI�EREFORE BE IT RESOLVED•
THAT the USPCI, Inc. Rosemount Community Trust, under trust
agreement dated November 19, 1992, be hereby amended by the
addition of Section 15, providinq as follows:
15. Internal Revenue Service Puroose and Dissolution
Limitations.
a) The trust is organized exclusively for
charitable, educational, religious or
scientific purposes within the meaning of
section 501(c} (3) of the Internal Revenue
Code.
b) In furtherance of the provisions of
Section 12 of this trust, upon the termination
of this trust, the trust shall, after paying
or making provisions for the payment of all
the liabilities of the trust, dispose of all
assets of the trust exclusively for the
purposes of the trust in such manner, or to
such organization or organizations organized
and operated exclusively for charitable,
educational, religious or scientific purposes
as shall at the time qualify as an exempt
organization or organizations under section
501(c) (3) of the Internal Revenue Code of 1986
(or the corresponding provision of any future
United States Internal Revenue Law) , as the
trustees shall determine. Any such assets not = � .
so disposed of shall be disposed of by a court
of competent jurisdiction of the county in
which the principal office of the trust is .
then located, exclusively for such purposes or
to such organization or organizations, as said
court shall determine, which are organizsd and
operated exclusively for such purposes.
BE IT FURTHER RESOLVED: That the mayor of the City of Rosemount
and the City Administrator be directed to execute on behalf of the
City of Rosemount an amendment to the trust as hereinabove
provided.
,
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USPCI, INC. ROSEMOUNT COMMUNITY TRUST
This Trust Agreement made `this 19 day of November, 1992, by
ancl between USPCI, INC. , a corporation organized under the laws of
the State of Dalaware (hereinafter referred to as "Donor") , and Rex
Kraf.c, Mary Schoessler, Steve Toombs, Cathy Busho, and Jack Warweg
(hei•�.inafter collectively referred to as "Trustees") .
1. Purbose of Trust. This trust is created and shall be
opera�ed exclusively for the beneFit of the citizens of Rosemount
and the City of Rosemount, inc].uding, but not limited to, rhe
following purposes:
(a) Z'o provide for the construction anci main�enance of
facilifiies for public recreation;
(b) To further community, industrial, governmental and
physica2 planning in the Ci�y of Rosemount;
(c) To improve livin9 and working conditions within the City
- of Rosemount for the general welfare of the citizens of
Rosemount;
(dj To furttzer public educational opportunities, whether by
establishing progr�►ms or facilities devoted to
educational purposes, or the furnishing of educational
scholarships; and
(e) To provide for the charitable needs of the citizens of
Rosemount and the City of Rosemaunt, within the meaning
of Sec�ion 501 (c) (3) of the Internal Revenue Code of
1986, and amendments supplementary thereto.
This trust is formed for and shall be operated exclusively for such
purposes and in such a manner as shall make this trust tax exempt
and the donations to it deductible from taxable income to the
extent allowed by the provisions of the Internal Revenue Code of
1986 and such other applicable legislation and regula�ions as they
now exist or as they may be amended. No part oF the trust fund
shall inure to the benefit of any private shareholder or
individual, and no part of the activities of this trust shall
consist of carrying on propaganda, or otherwise attempting, to
influence legislation, or oF participating in, or intervening in
(including the publication or distribution of statements) , any
political campaign on behalf of any candidate for public oPfice.
Notwithstanding any other provisions, this trust shall not conduct
� or carry on any activities not permitted to be conducted or carried
on by any organization which is tax exempt or by an organization to
which donations are deductible from taxable income to the extent
allowed by the provisions oL the Internal Revenue Code and other
applicable legislation and regulations as they now exist or may
hereafter be amended.
�
2 . Name oF Trust. 'I`he rrame of this trust shall be the
USPCI, INC. ROS�MOUtJT COMMUNITY T12UST, and so far as practicable,
the Trustees shall conduct the activities of �he trust in that
name.
� . Trust rund. Tt�e Trustees stzall accept only donations
made in cash frotn the Donor pursuant to tlie terms and provisions of
that certain Interim Use Permit for the USPCI, Tnc. Mir►nesota
Industrial Containmen� racility dated November 10, 1992 , issued by
the City of Rosemount i�o Donor. All donations so received,
tc�geth�r with l:lie income derived Lherei'rom, Izerein rePerred to as
the trust fund, shall be tzelcl, managed, admi.nistereci and paid out
by the Trustees pursua��t to the terms oF this Trust Agreement.
A . Use oP the 'Prust. The TL:ustees shall anply the trust
fund, at sucli i;imes, in such manner, and in such amounts as they
may determine, to the uses ancl purposes set forth in paragraptl 1 ,
or they may make contributions to other charitab2e organizations to
be used within ttie CiL-y or 12osemount. l�or this purpose, the term
"charitable organizations" shall mean a corporation, trust or
community chest, fund or foundation, created or organized in the
United States or under the law of t1�e Uilited States or any state,
organized and operal-.ed exclusively Por charitable and eclucational
purposes, no par� oP the net earnings oF wliich inures to the
benefit oF any private sharel�olcler or individUal , and no
substanti�l part oF the activities of which is carrying on
propagancia, or o�herwise attempting, �o inFluence legislation, and
which does not partici�ate in, or intervene in ( including the
publishing or distributing of statements) , any political campaign
on behalf oF any candidate for p�iblic office. Subject to the
foregoing, durinc� tt�e Fi.r.s� five (5) years after the establishment
of the trust, the Trustees may annually distribute the sum of
Seventy-five 'I'housand Dollars ($�5, 000) or the income of the trus�,
whichever is greater. '1'hereafter, the trustees may annually
distribute an amount not to exceed the income of �.tae trust. In no
event shall the Trust�es be required to distribute sums in excess
of the trust nrincipal . r'urthermore, in the event of a
catastrophic occurrence as tlle result oF an Act of God adversely
affecting the welfare of the City oF Rosemount or its ci�izens, the
Trustees may, in their discreL-ion, distribute the sum oF One
Million Dollars ($1, 000, 000) or one-thira (1J3) of ttze trust fund,
whichever is less, for the uses and purposes set forth in Paraqraph
1 hereof. 11ny other provisions of this Trust Agreement
notwithstanding, the Trustees shall distribute the trust income for
each taxable ycar at such time and in such manner as not to become
s�bject to the tax on undistributed income i;nposeci by Section �9�2
oF the Internal I2evenue Code oE 19f36, or corresponding prdvisions
of any sul�sequent �ederal tax 11ws.
� . Action o�' `Prust-c�c� . 'Pl�e T�ustees sl�all meet at least
three (3) times duri»g each calendar ycar ai: sucti times and places
as they may from i�ime to ,time clesignaCe. Tliirty (30) days written
_ 2
�otice oP all meetings oP the Trustees shall be given to each
TY�tsl'ee, c�xeep� where L•he mee�ing is an adjourned meetincJ and the
date, time anrl plzce ot the meeting are aecided at t2ie time oF
adjournment. Written notice shall contain the time and place oP
the meetinc� and sl�all be sic�ned by at least twa (2) Trustees..
Thre� (3) '1'rustees must be present at a duly noticed meeting to
cor�stitute a quorum for tlie i�r.ansaction of trust business . All
actions oF the Trustees st1a11 be taken by resolution at a duly
noticed meeting or by � writl-en record without a meeting with the
unanimous consent oE all 'i'rustees . �l'he Trustees shall appoint From
among themselves a secretary, wilo sl�all keep a record of all
actions ol• L•11e `1'rustees . All acC.ions af tt�e `1'rustees, includinc�,
but not limited to distribution oL- income, shall rec�uire the
affirmative vote of a majorii:y of tl�e Trustees then in office
except for the following actions:
(a) Distribu�ions of princip�l from the trust fund shall
require tt�e afFirmative vote of two-thirds (2/3} of the
Trustees then in oFFice, except for distributions of the
principal made within tlie Pirst five (5) years after
establishment of i�tie trus�; anci
(b) Distribul:.ions i:o or For l-.he uenePit oE ti�e City of
1'tosemo�u�i� for maintenance or repairs, street
improv�ments, utilii:y improvements, employee salary
expense, or ex��nses ror similar public works activities
sl�all require tl�e voL-e of two-thirds (2i3) of the
Trustees tti�n in of f ice.
Any instrument requirecl i:o be executed by this trust� st�all be valid
iF executed in the name oE L-his trust l�y three {�) of the Trustees.
A copy of any resoluti.on or action taken by the Trustees, ; certified
by any three (3) of the Trustees, rnay be relied upon by any persofi
dealing with this i:rust. No person shall be required to see to the
application of any money, secur. itie� or other property paid or
delivered to the Trustees, or i:o inquire into any action, decision
or authority of the Trustees.
6. 't'r.ustees ' Powers. In the aclministration of tl�is trust
and of the trust L•und, tire TrusL-ees shall have all powers and
authoriL-y necess�ry or available to carry out the pur�oses of this
trust and, withou� lin�iting the generality of the foregoing, slzall
h�ve the following pow�rs �ncl autilority, a11 subject, however, to
the condil-ion l-hat r�o power or authority sh�tll be exercised vy the
Trustees in �ny manner or for any purpose which may not be
exercised I�y an org�nization wl�ich is L-ax exempt or uy an
organization to wliicll clon�tions �re decluct.ible Crom taxable income
to the extent allowcd by the l�rovisions ot the In�ernal 12evenue
Code and other apnlicable leyislati.on ��ncl regulations as they now
exist or m�y hereaFter be ��mended :
3
(a) To receive the income, proFits, rents and proceecis of the
trust fund;
(b) To purchase, subscrib� for, retain, invest and reinvest
in securities or other proper�y wherever situa�ed, and
whether or not productive or of a wasting nature, and-
without any requir.ement Por c3iversification as to kind or
amount. Tt1e worcis "securities or other property'� as used
in this agreemenl: st�all be deemed to include real or
personal property, corpor��te sllares, common or preferred,
or any other interest in any corporation, association,
invesi:m�nt trust or invesl•.m�nt company, bonds, notes,
debentur.es or other eviclences oF indebtedness or
ownership, secured or unsecured, even though the same may
not be lec�al investments tor a trustee under the
applicable laws; l�ui: securities ancl other property shall
not be deemed to include shares or indebteclness oF the
Donor unless the same is clon�ted to this trusl-.;
(c) To sell for cash or on crediL- , convert, redeem, exchange
for oth�r securities or ot}1er property, or otherwise
dispose of any securities or ottler pro�erty at any time
helcl by tliem;
(d) To alter, repair. , improve, erect buildings upon,
demolish, manac�e, nartition, mortgage, lease, exchanye,
grant options to lease or to huy, �nd sell or dispose of,
at public or �rivate sale, and upon such conditions and
such terms as to cash and credit as they may deem
advisable, real propexty;
(e) To pay all administration expenses of this trust and any
taxes i.mposed upon it, and to settle, compromise or
submit to arhitration, any claims, mortgages, debts or
damages, due or owing to or from this trust, to commence
or deFenci suits or leg�l proceedi��gs, anci to represent
this trust in �11 su.its or legal �roceedinc�s;
(f) To exercis� any conversion privilege or subscription
right available in connection with any securities or
other property; to consent to the reorganization,
consolidation� mer.ger or. readjustment of the Pinances of
any corporation, com�any or association or to the sale,
mortgage, hledge or lease of the pro�erty of any
corporatior►, company or association any oF the securities
of whicl� may at �ny time be tleld by them and to do any
act, inclucling the exercise of options, the making of
aqr.eements or. subscripri.ons, and tlle payment oP expenses,
assessmen�s or suhscripi:ions which may be deemed
neeessary or aclvisable, 2nc1 to hold ancl retain any
securities or ot�her property whict� they may so acquir�;
9
(y) To vo�e ner�onally, or by general or limited �roxy, any
shares of stock, and similarly to ex�rcise personally, or
by ge»eral or by limzt�ed power or at�orney, any right
appurLei�anL' to any s�curities or o�h�r property;
(1i) To borrow money in such amounL-s anci upon such terms anci
conclitions �s shall be deemed advisable ar proper to
carry out the purpose of this trust and to pledge any
securii�ies or other property for the repaym�nt of any
sucl� loan;
(i) To holci par�. or all of L-he trust fund uninvested;
(j) To employ suit�ble accountants, agents, counsel and
cus�odiails and to p�y their reasonable expenses and
compensation;
(k) To regis�er any securi�.ies held by them in their own
name, ar, to L-he extei�t permii:ted by law, in the name oF
a nominee wiL-h or wit�hout the addition of words
indicating that suctz securities are held in a fiduciary
capacity and to tlold any securities unregistered or in
bearer form;
(1) To make, execute anQ del i.ver all instruments necessary or
proper for the accom�lishment of the purpose of �his
trust or of any of tlle foreyoing powers, including deeds,
bills of sale, transfers, leases, mortgages, security
aqreemen�s, assignments, co»veyances, contracts, purchase
agreements, waivers, releases and settlements;
(m) To exercise any ancl all pow�rs c�ranted to `I'rustees under
Minnesota Statutes §501. G6, as it exis�s at the date oF
execution of this Trusi: Agreement; and
(n) Any other provisions oF this agreement notwithstanding,
the Trustees shall not engage in any ac� of selg-dealinq
as deFinecl in Section �9h1 (d) oF the Internal Revenue
Code oL 19�G, or correspanciing nrovisions of any
s�tl�sequent federal l-ax laws; nor retain any excess
business tioldings as deFined in Section A943 (c) of the
Internal 12eventle Code of 19IIG, or corresponding
hrovisions of any subsequent federal tax laws; nor make
any investments in such manner as to incur tax liability
under Section 494� oF ltle Internal Revenue Code of 1986,
or corresponding hrovisions of any subsequent federal tax
laws; nor make �ny taxaUle expenclitures as �lefined in
Seci�ion �9�5 (cl) oL tl�e Internal Revenue Code oF 19a6, or
corresponcling provisions ot any subsec�uent federal tax
laws .
5
7 . Tr��stees Desi.anation anci St�ccession. The trust shall be
manage�t and adminisL-ered by five (5) `1'rustees. C1ass I Trustees
shall be nominated and appoinl:eci by the Mayor oF the City of
12osemoui�t, with the approval ot• the City Council of Rosemount at
the first City Counail meeting in January of each year. Class 2
Trustees shall consist oE three (3) Trustees wtio are residen�s of .
the City of Rosemount, sclected for their knowledge of the needs of
the cii:izens of Rosemount and tlze City of Rosemount. No uiore than
one C1ass I Trustee may Ve either a member of tlte Rosemount City
Council or an employce of the City of Rosemount. Class I Trustees
shzll serve for three (�) year �:erms and may not serve for more
tlzan �wo (2} consecutive three (3) year terms. Uporr �he initial
appointment ancl design�tion of Class Z Trustees, t11e Mayor shall
designate and stagger the �erms oL the initial Trustees such that
in January oF eacl� year a Trustee mus� be desic�nated and appointed
by tlze Mayor of the Ci�y ot Rosemount, with the approval oE the
City Council oF Rosemount. Class II Trustees, consisting of two
(2) Trustees, sYtall b� designated ancl appointed by the Donor.
Class II Trustees shall serve a1: the pleasure of the Donor.
Any Trustee may resign his office at any time without leave of
Court by written notice to all Trustees ichen in ofFice. The
resignation shall Ue effective as oE tl�e time set forth in said
natice of resignation. Vacancies existing in the office of Class
I Trustees, for whatever cause, shall be Filled by appointment by
the Mayor of the City of Rosemoun�, suhject to a�proval by the City
Council of Rosemount. Vacancies exis�ing in t}�e o�fice ot Class ZI
Trustees, for whatever c�use, shall be Pilled by the Donor. The
Trustees may �ct noL-withstandinc� the existence of any vacancies so
long as there shall continue to be at leas� tt�ree (3) Trustees in
ofFice.
The appointment of Trustees and successor Trustees shall be
made Uy an instrument in writing. In the case of C1ass I Trustees,
the writing shall contain a certiPied copy of the resolution of the
City Council of Rosemount appointing tlle Trustee or successor
Trustee. In the case oF Class II Trustees, the writing shall be
signed by an executive off.icer of the Donor and appoint the Trustee
or successor Trustee. Trustees shall assume office immediately
upon tlleir appointment, unless ttie notice oE a�pointment provides
ot-herwise. Every successor `t'rustee shall have the same powers and
duties as those conferreci upon the Trustees n�med in this Trust
Agreement.
tl . IIond and Comnensai:ion. No Trustee shall be required to
Furnish any bona or surety . Each Trus�ee shall serve without
compensation for services, but � 1si:eeseFron tl e trust f nd r of any
17ustee shall be l�aid by tlie T
g , 1�ccounti.nq l�y Tr.�istec�s. �'he Trustees sttall render
accounts o1' 1.heir t•ransacl-.ions L-o the Donor and the City of
Rosemount at least annu�l.ly, and ttle Donor and tt�e City o�
6
Rosemount shall a�prove such accounts by an instrument in writing
delivered to the Trustees. Zn the ausence of the filing in writing
with the Trustees hy the Donor or the City of' Rosemount of
exceptions or objections to any such account within sixty (60)
days, the Donor and the City of Rosemount shall be deemed to have
approvea such account; ancl in such case or upon the written .
approv�l of the Donor ancl the City of Ros�mount of any such
account, the trustees shall be released wiLh respec� to all matters
and t.hings set forth in such account as though such account had
been settled by the decree oF a court oF competent jurisdiction.
In t2�e event either the Donor or the City of Rosemount do not
approve such account, boi:h th� Donor and the City of Rosemount
slaall have such rightis as are cJranted by law to the beneFiciaries
and trustees oF the trust to renuire an accounting. No persons
o�ller ttian t11e Donor ��ld i:he City oF Rosemount may require an
accou�t�ing or Urinc� any actian againsi: the 'rrustees with respect to
this trust. The `1'rustees may 1t any time initiate legal action or
proceeclings for the settle�nen� oF tlleir accounts and, ekcept as
otherwise required by l�w, the onl.y necessary parties ciefendant to
such action or nroceeding shall be the Donor and the City of
Rosemount.
10. LiaUilitv oF Tr.ustees. No Trustee shall be answerable
for loss in investmenl�s made in good faith. No Trustee shall be
liable for the acts or omissions of any other Trustee, or of any
accountant, ayent, counsel or cusi:odian selected with reasonable
care. Each Trustee shall be rully protected in acLing upon any
instrument, certi�icate or pa�er, l�elieved l�y him to be c�enu.ine and
to Ue siynecl or pr�sented by the ��roper person or person, and no
trustee sh�ll be under any duty to make any investigation or
inquiry as to any statement contain�d in any such writing but may
acce�t the same as conclusive eviclence o1 the i:ruth �nd accuracy oF
the s�atements.
11. Amendment. This `1`rust Agreement� may be amendecl or
modified from time to time by the unanimous consent of the
Trustees, to eg tlier with the approval of the City of Rosemount a
,,,- a ,,,r,rP convenient
the Donor, whenever n"'Z" essary vL buY��au�= ��� �..
or e~Ff icient administrai:ion oE this trust or to enable the Trustees
to carry out the purpose oP this trust more effec�ively, but no
such amendment or movification shall alter the intention of the
Donor tha� this trust be operated exclusively for� the purposes set
for�h in Section 1 IZereof, ancl in a manner which shall ma�e this
trust tax exempt and the donations to it deductible from taxable
income to the extent allowed hy the provisions of the Internal
Revenue Code of 19E16 and oL-her applicaUle legislation and
regulations as tliey now exist or as ttiey may be amended. Every
amendment or moditication oC this agreemen�. shall be made in
writinc�, ancl sl�all Ue sicjned by l:hc CiL-y oP Rosemount, k�y two (2)
ofFicers of the Donar pursiiant to authority of its Doard o�
DirecLors, and hy all 'Pr.ustees, and sl�all be delivered to each of
the Tr.ustees then in oPfice.
7
12 . T.rrevQc�hilitv nnd Tarminntion. Thia truet shall be
irrevocable, but may be terminated at any time by unanimous action
of the Trustees, with �he approval of the City of Rosemount and the
Donor. Upon any such termination, the Trustees shall promptly
distribute the entire trust funcl to qualified recipients under the
terms o� this trust. '
13 , Situs. This agreement is executed and delivered in the
State oF Minnesota, the situs of the trust shall be in the State of
Minnesota, and all terms and 'provisions of this trust shall be
governed by the laws of the State of Minnesota.
lh . Accentance of Trust. ' The Tr.ustees accept this trust, and
hold, manage and administer the trust fund in accordance with the
terms of this agreement.
IN WITNESS WI�IEREOF, this agreement has been executed in
Houston, Texas by the Donor and in Rosemount, Minnesota by each of
ti�e n�med �rustees .
Attest: USPCI, INC.
�
, � ' !
a � •� . ,
dY�_ / r ; ; //„! +�_% 1
� �. . .
It • V�ce President - rinance Its :. Senior V�Ce President
Administration and �� t3usine�s Development
Treasurer ,'
USPCI, INC. ROSEMOUNT COMMUNITY
TRUST FUND
• � '
Re IGraft, ustee/
•.�. %/,i:�. �f�{ S .�r��C
, ar . Sehoe sler, Trustee
.���,�J.�•��''c'(�l�L�`-�!
S eve Tootnb�5'''"T� uste
,/.� � • ,� �'` � „e . ..
� ,.,'� � �-' ').�>.J.,,,I'
' Cal:hy I3�asho, T ustee
� � � . � � ,1� ^le}-.L-`�!i `{.�/41.'C.4�•''��. . � � � . .
�a�ck Warweg, Trustee
/i�
c�
a
STATr OF TEXAS }
}
COUNTY OF 13ARRIS }
On this /%��` day of November, 1992, before me, a Nota�ry
Public, within and for said County, personally appeared Ken Jackson
and James }1. Can�pbell, the Senior Vice President and Vice President
, - Finance & Administration and Treasurer, respectively, of USPCI,
Inc. , to me known to be the persons named in and who executed the
foregoing instrument and acknowledged ttiat they executed the same
pn behalF of the corporati.on. � _
: ..•• •., : ; . .
. ; t ..��' > ' � �
` °�r:,. �y'. k'�f�'',' ` ' � 1 r /
�•�f:� �' ' s:�+�:.;�. '�...f �l:•,t..lf `r•• • �_{,�., �f.�f�
�=��' ��� '' . t / Notary� Public
���9 �': i � .. i <:
i4=��;.rj�,,`} J�,.�� ./ Commission Expires: , �C • �,(
c�;�� ` '
;� ,.,,�� �
�'�, �''.� .... '•�(i +'�
.,��- ,
••,,
STA`I'L'�Or ,MTNNESOTA }
}
COUNTY OI' DAKOTA }
On this �.��`�%�� day of Novemb�r, 1992 , before me, a Notdry
Public, within and for said County, personally appeared REX KRAFT,
Trustee tor USPCT, INC. RGSEMOUNT COMMUNITY TRUS2 FUND, �o me known
to be the person nameci in �nd who executed the foregoinq instrument
and acknowledc�ed that he executed the same on behalf oF the trust
fund.
' IINDA M. NIIVA,M„M,,. ;. �. • /1 � _�/ - , �� �
�.�,� NOTARY PUBUC—MINNESr•• ' �I% ,�� ct�3. � /I� :��/.i.L�rC."�—/
i���:1 OAKOTA COUNTv : Notary Public
,,,�,.,,,,,,""r c°"°". E'P"�'"�. '=. �; Comm i s s i on Exp i r e s: �.�-/,:� �'Sr`
STATL•' Or MINN�SOTA }
)
COUIJTY OP' DAK�TA }
On this ;�,'����� day oP November, 1992 , before me, a Notary
Public, within and for said County, personally appeared MARY
SCHO�SSLER, Trustee For USPCI, INC. ROSEMOUN'P COMMUNITY TRUST FUND,
to me known to be the nerson named in and who executed the
foregoing instrument and acknowledged that he executed the same on
behalf- of the trus� fund.
.,
:' ' !�"� � - . , '
IiNDA M. HIIVALA � �-',�, „ 44_;� � ��l '�i�! i ::•�t i.'�i .
,� �� IlOiARY PUBUC—MINNESOTA � Notary Pub11c
nA�o(a cour�r. ; Commission Expires �% /,�. �i C''
:, ...:-.�:� �: ��i �
...I.�I���WWWWVWV\•NY\1�.�../r . � . . . .
1
.
STAT� OF MINNESOTA }
' ' � �
COUNTY OI' DAKOTA }
On this day of November, 1992 , before me, a Notary
Public, within and �or said County, personally appeared STEVE
TOOMfiS, Trustee for USPCI, INC. ROS�MOUNT COMMUNITY TRUS2 FUND, to
� me known to be the person named in and who executed the foregoing
instrument and acknowledged that he executed the same on behalf of
the trust fund.
. . /]
� _ ,
i001 'i l '�01f�Merl 'w++v�AW , 'l� 1 ` �(_.�1' ��...J
uNno� YloxvU � Notary Pu lic �
rios�w+iw-��tana �avioH r Commission Expires• �j�-•%?- f y
V1VAlIH 'W VaNll •
. .
STATE OF MINNESOTA )
}
COUNTY OF DAKOTA }
On this � day of November, 1992 , before me, a Notary
Public, within and for said rounty, personally appeared CATHY
BUSHO, Trustee for USPCI, INC. ROSEMOUNT COMMUNITY TRUST FUND, to
me known to be the person named in and who executed the foregoing
instrument and acknowledged that he executed the same on behalf of
the trust fund.
� ,rA /'� � . ] • . . . .. . .
� �. , LINDA M. HIIVALA � b�11,�� b-.�. = ���•� /Y'�-�-�'�`-�
`�� HOtARY PUBtIC—MItAiESOTA ' NOtdY'Y PL1b11C
DAKOTA COUNIY Commission Ex �l- � � ;��
Mrc�.�. c,�.��.. ia. �vvo pires: �
� ,
STATE OF MINNESOTA }
} �
COUNTY OF DAKOTA }
On this '�
,�3• `�' day of November, 1992, before me, a Notary
Public, within and for said County, personally appeared JACK
WARWEG, Trustee for USPCI, INC. ROS�MOUNT COMMUNITY TRUST FUND, to
me known to be the person named in and who executed the foregoing
instrument and acknowledqed that he executed the same on behalf of
the trust fund.
� .• . UNOA M. NIIVALA 3 �-- � `
���,�,, NOTARY PU9UC—MINNESC" / ' ./�(,Q!(,�
`�H�.J DAKOTA COUNTY ; �• Not ry Pub ic
.
My Carvn.fapir�t Apt: I!. I;C:
. Commission Expires; c
S �'/ �' %�
10
� ' CITY OF R03EMOIINT
" EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: AUGUST 16, 1994
AGENDA ITEM: RESOLUTION AMENDING USPCI AGENDA SECTION: CONSENT
ROSEM�UNT COMMUNITY TRUST AGREEMENT
PREPARED BY: THOMAS D. BURT AGENDA NO. ADD ON
CITY ADMINISTRATOR � . � � '
ATTACHMENTS: RESOLUTION, LETTER FROM IRS, APPROVED BY:
TRUST AGREEMENT
Reid Hansen, attorney for the USPCI, Inc. City of Rosemount Trust has
provided the City with a sample resolution for City Council consideration.
By adopting the attached resolution, the City Council `will add to the
definition of the purpose of the trust. This will satisfy the Internal
Revenue Service's requirement for the trust to qualify as a 501(3) (c)
charitable organization.
Upon action by the City Council, the final resolution will be prepared for
signatures.
RECOMMENDED ACTION: MOTION TO ADOPT A RESOLUTION AMENDING THE USPCI,
INC. CITY OF ROSEMOUNT TRUST AGREEMENT.
ACTION TAREN:
Y
City Resolution #_
WHEREAS, the USPCI, Inc. Rosemount Community Trust, under a
trust agreement dated November 19, 1992, has applied for tax exempt
status under the Internal Revenue Code of 1986, as amended;
WHEREAS, the Internal Revenue Service has requested that the
trust be amended to include several provisions to insure that the
trust would be organized and operated exclusively for charitable
purposes within the meaning of Section 501(c) (3) of the Internal
Revenue Code;
WI-IEREAS, the amendments requested by the Internal Revenue
Service are consonant with the purposes, organi2ation, and
operation of the trust;
WHEREAS, Section 11 of the trust agreement provides for its
amendment by the unanimous consent of the trustees, together with
the approval of the City of Rosemount and USPCI, Inc., and the City
of Rosemount is desirous of approving the amendment of the trust
agreement as hereinafter provided;
NOW, THEREFORE. BE IT RESOLVED:
THAT the USPCI, Inc. Rosemount Community Trust, under trust
agreement dated November 19, 1992, be hereby amended by the
addition of Section 15, providinq as follows:
15. Internal Revenue Service Puroose and Dissolution
Limitations.
a) The trust is organized exclusively for
charitable, educational, religious or
scientific purposes within the meaning of
section 501(c) (3) of the Internal Revenue
Code.
b) In furtherance of the provisions of
Section 12 of this trust, upon the termination
of this trust, the trust shall, after paying
or making provisions for the payment of all
the liabilities of the trust, dispose of all
assets of the trust exclusively for the
purposes of the trust in such manner, or to
such organization or organizations organized
and operated exclusively for charitable,
educational, religious or scientific purposes
as shall at the time qualify as an exempt
orqani2ation or organizations under section
501(c) (3) of the Internal Revenue Code of 1986
(or the corresponding provision of any future
United States Internal Revenue Law) , as the
trustees shall determine. Any such assets not .
so disposed of shall be disposed of by a court
of competent jurisdiction of the county in
which the principal office of the trust is
then located, exclusively for such purposes or
to such organization or organizations, as said
court shall determine, which are organized and
operated exclusively for such purposes.
BE IT FURTHER RESOLVED: That the mayor of the City of Rosemount
and the City Administrator be directed to execute on behalf of the
City of Rosemount an amendment to the trust as hereinabove
provided.
I�lTE:RNAL REVEi�lUE: SERVICE DEFyARTi41cNT' OF 7HE TI7EFISURY
DIST'RICT DIRECTpR
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C�-r#c�re y��_ c:an dE:t:�r�m izfe� rrhF-�:hEr ��<<ur c�ryar� iLa�t's t�n i!s e>c�:rnpt: �P rc�rn t"Ed��r��i
i�ncame ta>:a r��_ niust Izvve �_zic�ugh in�fc�r�n.�t:ian �:c� sh�_��i tha3: yc�u ha��e rr,E�.: r� ll fr-:c�� l
r�_qu i rcmt_n�ts, Yc<u ti i cf na•t i ►rc k uciE �h� i t��F c�r•roa�i c�•n r�E�dE-d tc� inak� th�a�
c!�_�e:rmin;3�tian c�r� yaui• Fc,rin i.023r �tp�il ir.�rtic�n ic�r i�Ec:agnii.ic��z ��f �>;�►n�yti��n
il•ndr-:r S��:tia�n 5t?itc? t3> crf t:hE In��r�n.�i f+ev�nz:� C��d�:.
Tc� I�elp us cl�tEi•rninE y�����hNi� yaur c�r�gani�:a�Gi�:�n i� e:>;cmp�L• fr•um �'e:�iEr� l
incame t�a>;� plra�s>� aF_nd u•a t:�tE C'f:t�UfS'tECI in#c:�r�ma�ian by j.h� al�n��N da��e. !�I�
c.��i thcn camplEt:f: c��i�� revieya c�# ��ctur a;a��licai;ian.
If s•iN da nt�•t hF��ar� tr�_�rr, yc�u i•rithi•rE t:tttit i�imee rrE: sti 1 I dsatll�Ei }+c�u dc� n��t
413flf, us �:c< CC�'fl51CJE1' ishE m.�t4:e�� #�irther ��z�d �ri 1 ! c lc�e>e yr�cir c��•��: :En �:.t�a�
e�:vEr�tY a�� rEquir•�� Dy Ct�d�' ���etic:�rr cl��+��:c} : s�re s•rilt nc�i:i1��,� •th� <<�;�rc�S�riat�,
s•tat:E t�fficials •L•ha��, bas�_d trn tl;e i�n�f�.�r•mai:ic:�n s•�F h��v�+ s•a� c�r�nn�:��L• r�t:t��ni:�:e
y��n as an c�rgani:uati<:,n af �:h� k ii�d dF_�:r•'sbEd in G�_�cier seci.iai� !:�0].{c3 t.3:► .
As a� r�s�l)ts •th�: Intf_rnai i<e:ven�:e= SErvic:� yri 14 ti��_at: yr.�u�- �:�rg.�ni:�.��tir:�ri a�
�7 t��>;abkta entity. It' ��E rrt:Ei�� th� i�ife�s�mai:ion a'ft;er •�:I�te re�panssr ci��r
date:s y►� ma�,� ask yt�u •l:a s�_ncl us ta nEst �'c�rm 1{?�'3.
Ir� <aclditiarr� i# ��au d<, nc�'� F)YGYt�r:� 'C�7E �•Nqu�stE�d in�'c�rmu•tic�rs 5n � tirn-r_ly
Tif31tTI�YS l�tE 41i � � ec�nsic3Er �the1� �4�t.t itcl4l? Tli�t Li3�t�Tt •3� { i'EFs'.�dnBLi E� °.t;f%�'1�: �:��� '�EC:US"E�
�:h� det��•rair,��tic��� yc�u rEque�sted. EJnd�=r� CadF• s�r_tic�r� 74��:3tb> t;�) s �,{�u�� nc�t tG,k—
i�ng al1 i�Easa�nat�le s�:F-ps i�z a tiroFly �n;;r�n�r i,c< sc�_ur•e t:tifa �i�t�_rmirs�tic�n m.3�f b�
c:{_�n�side�•e:cE as f��ilu���a tt� �_>thaus�: �3dmi�ni�st;'3'�:14E 4•�=me:diEs availat�ti� tct �,�c�u -rith—
i•n t:hE Se_r��.'sc�:. ThEret'�,r�_z yc�u rnay l�ir;e: yc�c�i• rightes �tc� ra ci'er.far�atr�r�;, ..iudt�m�rnt
ti•ndE:t� Gc.,<i� sf�_t i�_<r� 742�.
If yc�u h.�ve: anw �uEs•tic�ns, Faleas� c:cizytai_�. th�_ ���rG.c��3 s•�h<<;F n�rme �rEc�
t�_Ie:pht�nF: nural�Er are �ht����n in tttF_ headir�c� c�f �L•liis le:tt�r•..
ThanY yc�u fc�r y<?i►r c��c:��:�eratii�n.
4i ncr_rE l�r ��t�urs:
� >
,tN'c�u.�.� ��
L.�3i�1':ar l;11^ (1]l?./'L'li?
_�_
I1�i�CI I�if. �0�1=�1C1tii�T t�CI�IMUi�Il'Y TRlIS7 �
S•n arder �ta c�_�me: �ti��liin th� �3t1Y4 tF.yt c�•f �>�:•ctictn ti�Ui{c:) t3) crf 3she Int�i�na 1
1��_ve:nu� t,c.�d� yc�u rnusi� am�•nci yc�ur �l'r�s•� t:c� inr_iude the s�L•at�mt•n�t�:�) �f:�C�4l.
Ft•fte:r yc+ur trust:e� h�as sign�:d anri datacl ChE rym�r�cl�n�r�fiy furnilh rr c:c�p�r i:c� us.
PUftF'OSE: Th�_ 1'rus1; is arc�a�nizrif e�t4: 1�t5iiVEI� 'f<<r� ctiarii;;ib! 'r.3 $CILIC:cI�'.ICt'i}�3I e
r�lic��c�us, c,r sciEntii�ic pur��cts�s �ti�thin t�� ro�ani�ng c+� sr•_c�tic��n
��01 tc:► i3i c�f th� Int��•na i I�+�v�nuE Cade.
C�I��iOLUT:tU�d CI_RlJaL- : Ltpc�n �thE te:i•srtina•tian e�f 3;hE �i�•ust� i:hF Tr�s�>t �>hryl t � af�t:�r
p3ying c<<• me?; inq prc.t4isia•rts #c�r i.he �a}��ment r.�# al l t:he f iabiD i�ti�s c��f �hE
Tru�sta dispc�s�_ c�� al4 ass,_�L�> af i.iiE Tru�s�t E�:�_3usi���{y fc:<i� �the pur;�c�sf:� c�f tt�e
1�Yi15it'. IR StIC}) dti113AB1"7 C�I" 'tC� 5UCT1 c�rga•nii:a�ticm Ctl' i:�Y'C)dflli.ij�1C<115 C�Y'i��lhli�f� cIBC�
C���Er•ated E7;C) U51��Eiy far �_h��ritat�lEs �ilzteatitxna l a re:l i gi<:�usv �_�Y SC. IETY'�t'f it
�ur•F�as�� as shal I at �k:hE �tin�e qu�al ify a�> �n {_r.en�p�E nryan iz�ti+_�n c�r
c<rga�niaai:iuns ur�c3er �3rcti�.�n F�t�itcl {3) c�f thE In•t�rn��l kEVEAUE Cad� ai� 19^�5
{�_�r �he r.c.�rr�spandint� prcrais�ic�n t:�# ar��y f'�;��urE_ Uni�t�cP 5t;a�:es �•n�GE:r��al ��v�nu�:
L���t> e ar> �he 13c���rd c�f Tr�_t:�:es s>I��1 l ���rt:a�3'11SiTlf. ��ny suc9� �a��_t�a Ytc�t �.c,
clis��u�rd c.t# �,hai I b� disp�.+�e:d c�f by �the: C.c�uris af Cc�a�mr_,n 6�lwa� c�f' tl-�� cc�uri•ty in
L�hic:h t!•rfa pri•ncipal c�ffic�_ c�� �I3f? Ti'ti'=� iCs �:�?l'h l�:�c��teds �xclusi�.�:l�,� fc.,i� 5uc:h
4)Ui"��dSES C�Y t�: e>uch c:�rgani«�tic�n c�r C�1'�je13)litl��2dA5! eIS ScIIC� C.`CtLLYt; 5>�18 � 1
d�at�:rmine_� 4rhich are c.trga•ni�:ed �3Ti{� c�p�=�•<<t�ed f_,:ciu•=_-ivEly fc�r 5ur_t3 �ur{��.��.�E�s.
I'1�a�sE a}na�ter� th� fallt,y►i•n� quea�l;it�ns .Y9i 'E}if.•;! r�l.�fic: tr_� ;.,c.,ut• ��cttc�iar•��i:ip
�s rctt�r a m +3 nd p�:�l i c:i�s:
L�Es�:ribe ttie clrass crf e:ligita3is ��r �;cttEm��;ial i•r:c. ipi�_n�ts �.�f ����ur
�.�rgoiAlZit�.:lGi3'3 CJi''3h'�;[3, L;�3�SC:YI�SG any� Yt't5i�:•i'ICi:3GTs: C�Y' I tThl'�:3'�;1�7AEi (:�tl S•t3it� 1113�
���ply ar rnc��m yctu�� c�i•yani:z.tt:ic�n s•ri t i �c�r,�.idEi' dr. �7C�ci'SI�IE: t�l�a•n�tr-:�C>�
Sta1:N s�h�:� Rii:•JEci:�, th� r•�ci� ie:n�G� tr�c�m tt�t; CI35Ei G�f faiiqil�t�:�� E3r�
r:��ec:if ic.. If ttic-.-sE ptrupl�_ ��r� rf:iat��J in any r�ay •tc� yc�ui• c�i•c�•3ni�.���ic�n� giv�:
c.�:�ns��i Et� d-rta i I�s.
5t�z�:� yrh�_�ther an�r rel�zfi:i�ie�> ctf m�_mt��r� c:�# th�. e>elf•c.��ic�n ��cm�rxsitt�:� ar•�
f�1 i c�ib i� �Fur sct�c�l ar!slzi p ase>ist��rice. �f' sc�: �!�a�s+_ sht�y�.:
— A��pr�c�,; im;a�L•E iy t�c�yi rcca�ny meint��:r�� tl»�re ��r�: i n j.hr� c I a�>s crf -r_1 i g ib!es
e�3ch }+-ra�•x
— li���+ m��ny t•e!a•ti�.�es c;i� sEi�_c:t,ictn t:t?mmi•tte:e m�rnhFr� ar•E cuirr-r.n��1��
qual "s�F ir�dx an�
— 3�hat: prc�c_�durts> ar� fc�! !al.tf.tCl '�C� E?it5t1Y�= �:hat nv s�l�c:�tir_,n c��mmi-tt:ee
m�_mt�er s�i 4 f d�.�•iv� ,�rny c!} r�•c�t c�r in�ii r��t:t bE�►��F it if c�nE pt�t�•ntiaE
grar�-t�e is sElec:•tEd ins�teact u# arzc�th�:r. E�;� Isin •Ful #y.
�.i51. and de��.crit>� in d�:ta i E ai J ,=ri L�r-ia ustd t�Y yc+tir 3�lec:�tic�n r.���mmitt:e�
in �>eleci,in� r�c:ipier��t� fr�tm thr- clas•a c��F e! iqiL�3�_r-.
i..�::tt:�r 5:�1�:: i1fJ.+'CG>
-3._
USFt:I I1�!{: R0�1=MtIU{•ET' t�i3M�itli��IT'�! T��tJST
Exp lain if as��y ��r�nt•s s•�i t ! h� n�a��ic �:�� sp�ar�se•s, chi Itir��i, �fe,scF�ntian�L=�r
�'r��+:�U5t�5 C}1 sft��cr:ndan�.5� ��t' �.���7�+!^ (?*3t'���!'t5i Y��li�t�t� '��5 �ny �:�#'f ic�ar�> >ar �i'sr�c't„r��
�:,�F }�>>ur t7t-��3n i z��t,i��n.. _
Oe�t.rib� h�:�ti� tht► sch�al��rshi�s Pr�agr���ni i� �Sui�f ici�ed i,,a �n•sur•e th<��: al (
atic�ih {w iiidi�dicluals are lik�fy i;�� b� ir�f>�rntir•��! th.�L- �ch��far5i�'sp aid is
a��ai tab(��.
Stai:,e ►ah��thYr a11 gr.ant,s �ai 1 t be t in:it��i t�, •stud�n�<s ��h+a t�i i f bta ai:t�#E�:Iing
��jut:ati»nat i•nst;i�:uti�:>as .��� d�firt?:�i i» C,'��Lie <.a��ti��n 17�ttati (�.[k (A? (i i? ..
Sta��� iah��tt��sr- yi�ur- �ary��niz.�i�i��n ��e���4;id�ss aid t�_� stuiiLnl:s b�_��th a<.a >lutr't��l��:
gr���ts aritf a5 I�,ar�s. If Is�St:h area t>> Is�: {�r��wi�:fe�l: S.Ftiat c��itwe-ia ��i i l ;'�,�.� ��se:
t:�� cleterr�i'sne s�hic{Z mr_n�6zt-•� �:�f tF►t� cla�a<.; >af �I igibl�_s ��i i I ��r�=ivr� �r_I�i»Iar•:�hin
c�r<3nts and ��hich ��it I rer.�aiv� f»<a�y�? Tf' {��ar�� ar�a niad�, give tt�� ini,Nrr�s.t
r.�te:s� ii' any, ti�.,ti� tii� ra•�ra�, ara �eterr�ti t��d� and •�ht: r�p<ay�ui��1•E t,��-n:s ,:,i� th�_
I���T�S.
Explain ie d�t� ii yaur f��itr.>tia—up �r•���:edur��� •t,a ��suir� �h•�t af l <.,ch��f•�r_�hip
f uacls tia i I 1 b� u�se� f�:>r th�y tcta tied (t uc'���:�5s�a, `
Givea th� pr•��cedure5 ���au i�i ( ( ti��l i�a�•i if ;l�:�u disc:,7ver a n�i•�u�se ��f �:F►��s��
funtls.
F i���sa E��r,w id,a t:he irtf,�rn�.a�i�3n rstquas•tr�cl i n �.he h i�f�! i gt�1.�d g�}rt:i��ns �af th�
encl�asec( ques•ti,:�Elr�are=y
l..�a�tt:�s• 1;'1�: tCt;:F.'f:(:�7
USPCI, INC. ROSEMOUNT COMMUNITY TRU3T
T�iis Trust Agreement made this 19 day of November, 1992, by
and between USPCI, INC. , a corporation organized under the laws of
the State o€ Delaware (hereinafter referred to as "Donor°) , and Rex
Kraf. i., Mary Schoessler, Steve Toombs, Cathy I3usho, and Jack Warweg
(hei��inafter collectively referred to as "Trustees") . '
1. Purpose of Trust. This trust is created and shall be
operated exclusively for the benefit of the citizens of Rosemount
and ttie City of Rosemount, including, but not limited to, the
following purposes:
(a) To pravide for the construction and main�enance of
facilities for public recreation;
(b) To further community, industrial, governmental and
physical planning in the City of Rosemount;
(c) To improve living and working conditions wi�hin the City
of Rosemount for the general welfare of the citizens of
Rosemount;
(d) To further public educational opportunities, whether by
establishing programs or facilities devoted to
educational purposes, or the furnishing of educational
scholarships; and
� (e) To provide for the charitable needs of the citizens of
Rosemount and the City of Rosemount, within the meaning
of Section 501{c) (3) of the Internal Revenue Code of
1986, and amendments supplementary thereto.
This trust is formed for and shall be operated exclusively for such
purposes and in such a manner as shall make this trust tax exempt
and the donations to it deductible from taxable income to the
ex�ent allowed by the provisions of the Internal Revenue Code of
1986 and such other applicable legislation and regulations as they
now exist or as they may be amended. No part of the trust fund
shall inure to the benefit oF any private shareholder or
individual, and no part of ` the activities of this trust shall
consist of carrying on propaganda, or otherwise attemptinq, to
influence legislation, or oE participating in, or in�ervening in
(including the publication or distribution of statements) , any
political campaign on behalf of any candidate for public office.
Notwithstanding any other provisions, this trust shall not conduct
• or carry on any activities not permitted to be conducted or carried
on by any organization which is tax exem�t or by an organization to
which donations are deductible from taxable income to the extent
allowed by the provisions oE the Internal Revenue Code and other
applicable legislation and regulations as they now eXist or may
hereaf�er be amended.
,
2 . Name oC TrUst. 'I'he tiame of this trust shall be �he
USPCY, TNC. ROSLMOUtJT COMMUNITY T12UST, ancl so far as practicable,
the Trus�ees shall conduct the activities of the trust in that
name.
3 . Trust i'und . The Trustees shall accept only donations
macie in casfi from the Donor purs�tant to the terms and nxovisions of
that certain Interim Use Permit for the USPCI, Inc. Minnesota
Tndustrial Containment I'acility dated November 10, 1992 , issued by
the City of I2osemount to Danor. All donations so received,
t��geCher with l:he incom� clerivecl tlieretrom, herein reEerred to as
i:2�e trust fund, shall be ttelcl, managed, administered ancl paid out
by the Trustees pursuant to the terms oF this Trust Agreement.
�i . Use of the 'I'rust. TiZe Trustees shall apply �he trust
Fund, at such L'imes, in such manner, and in such amounts as they
may cietermine, to the uses and purposes se� forth in paragranll 1,
or they may make cont-ributions to other charitable organizations to
be used within L-lie City oF 12osemount. l�or this purpose, the t�rm
"charitable organizations" shall mean a corporation, trust or
community chest, fund or foundation, created or organi2ed in the
United States or under the law of the United States or any state,
organized and operated exclusively Por charitable and eclucational
purposes, no part oF the net earnings oP which inures to the
beneFit of �ny ptivate sl�areholder or individual, and no
substantial part oF tt�e activities o� which is carrying on
propaganda, or otherwise attempting, to influence legislation, and
which does not particihate in, or intervene in ( including the
publishing or distributing of statements) , any polit.�cal campaign
on behalf oF any candidate for public office. Subject to the
foregoing, durinc� the fir.sL- five (5) ye��rs after the establishment
of the trus�, the Trustees may annually distribute the sum oF
Seventy-five Thousancl Dollars ($75, 000) or the income of the trust,
whichever is greater. 'I'hereafter, tt�� trustees may annually
distribute an amoun� not to exceed the income of the trust. In no
' event shall the Trustees be required to distribute sums in excess
of the trust nrincipal . C'urthermore, in the event oF a
catastrophic occurrence as the result of an Act of God ac3versely
affecting the welfare of the City oF Rosemount or its citizens, the
Trustees may, in their cliscrel-ion, distriUute the sum oF One
Million Dollars ($1, 000, 000) or one-third (1/3) of the trust fund,
whichever is less, for �.he uses and purposes set forth in Paragraph
1 hereof. 11ny other provisions of this Trust Agreement
notwithstancling, the Trustees shall distribute the trust income for
each taxable year at such time and in such manner as not to become
subject to the tax on undistrihuted income i�nposeci by Section �t�42
of the Internal 12evenue Code oF 19f36, or corresponding provisions
of any suhsequent Lederal tax l�ws .
5. Action of `Prtistee� . '1`he T:ustees stiall meet at least
three (�) times cluring each calendar year at sueh times ancl places
as they may Prom time to time desic�nate. Thirty (30} days written
2
notir_e of all meetings oP the Trustees shall be given to each
Tr�isl:ee, �xcepL where Che mceCing is an adjourned meetinq and the
d�te, time anrl i�l�ce ot tl�e meel:ing are aecicled at tt�e time oP
adjournment. Written notice shall contain the time and place oF
the meei�inc� ancl sl»11 be signed by a� least two (2) Trustees.
Three (3) `1'rustees must be present at a duly noticed meeting to
cor►s�itute a quorum For tlie transaction of trust business. All
actions of the Trustees st�all be taken Uy resolution at a duly
noticed meetinq or by a written recorcl without a meetinc� with the
unanimous consent of all 'I'rustecs. '1'he Trustees shall appoint from
among themselves a secretary, who shall keep a record of all
actions oL the `1`rustees. All ��ct.ions oL the Trustees, including,
but not limited to distriL�i�i:ion oF income, shall require the
affirmative vote of a majorii:y of the Trustees then in office
except for the following actiot�s:
(a) Distributions of principal from the trust fund shall
require the affirmative vote of two-thirds (2/3) of the
Trustees then in ofFice, except for distributions of the
- �rincipal made within tl�e Pirst five (5) years after
est�aUlishment of the trus�; and
(h) Distribul:io»s to or For i:he beneEit oF the City of
1'tosemoi�nt for maintenance or repair�, street
im�rovements, utilil-.y improveme�lts, elti�ployee sal�ry
expense, or exp�nses for similar public works activities
shall rec�uire tlle vote or �wo-thirds (2/3) oF L-he
Trustees th�n in ofFice.
Any instrument required to be execiited by this trust shall be valid
if executed in tl�e »zme oE L-ttis trust by three (3) oP tl�� Trustees.
A copy of any resolution or �cL-ion taken Uy the Trus�ees, certified
by any three (3) of the Trustees, may be r�lied upon by any person
dealing with this trust. No person shall be required to see to the
application of any money, secur. ii:ies or other property paid or
delivered to the Trustees, or i:o inc�uirc into any action, decision
or authority of the Trustees .
6. Tr.ustees ' Powers. In tl�e aclministration of this trust
and of the trust Ltind, tlte TX'L1SLees shall have all pow�rs and
authoriL-y necessary or av�ilable to carry oii� the purposes oF this
trust ancl, without limiting the gener�lity of the foregoing, shall
hzve the following powers �nd �uthoriLy, all subject, however,; to
the condil:ion rhat no power or autltority sh�ll be exercised by the
Trustees in any manner or for any �urpose which may not be
exercised I�y an organization which is �ax exempt or by an
organization i:o which clonations �re decluet.ible L-rom taxable income
to tl�e extei�t allowed l�y the provisions o� the Internal Revenue
Code and other applicable leyislation ancl regulations as they now
exist or may here��tter l�e �imenc.ied : -
3
(a) To receive the income, profits, rents and proceecis of the
trust funcl,
(b) To purchase, suhscribe for, retain, invest and reinvest
in securities or other property wherever situa�ed, and
whether or not productive or of a wasting nature, and'
without any requiremen�: For diversification as to kind or
amount. The worcls ��securities or o�her property'� as used
in tlZis agreement- st1a11 be deemed to include real or
personal property, corporate shares, common or preferred,
or any otlier interest in any corporation, association,
investmeni; trust or invesCment company, bonds, notes,
debenL-ures or otl�er eviclences oF indeb�edness or
ownership, secured or unsecured, even though the same may
not be legal investments Cor a trustee under the
ap�licable laws; bu� securities and other property shall
not be deemed to include shares or indebtedness oF the
Donor unle�s ttle same is clonaLeci to t11is trust;
(c) To sell tor cash or on crBdiL- , convert, redeem, exchange
for other securities or other property, or otherwise
dispose of any securities or other property at any time
l�elcl by tliem;
(d) To alter, renair. , improve, erect builclings upon,
demolish, manac�e, partition, mortgage, lease, exchange,
grant options to lease or to buy, ancl sell or dispose of,
at public or �rivate sale, and upon such conditions and
such terms as to cash and credit as they may 8eem
advisable, real propexty;
(e) To pay all administration expenses of this �rust and any
taxes i.mnosed upon it, and to settle, compromise or
submit to arhitration, any claims; mortgages, debts or
damages, due or owiny �o or from this trust, to commence
or de�end suits or. lec�al proceedings, anci to represent
this trust in all su.its or l�gal proceedings,
(f) To exercise any conversion privilec�e or subscription
right av�ilable in connection with any securities or
other property; to consent to tlie reorganization,
consolidation, mer.ger or. reacljustment of the Finances of
any corporat�ion, comn�ny or association or to the sale,
mortgage, nledge or lease of the property of any
corporation, company or association any oF the securities
of which may at any time be helci uy them and to do any
act, includiny the exercise of options, the makinq` of
acJr.eements or. s��b�cripri.ons, and �he payment oP expenses,
assessments or suhscripi:ions which may be deemed
necessary or advisab2e, ancl to hold and retain any
securities or other �roE�erty which they may so acquire;
4
(c�) To vo�e per�onally, or by c�eneral or limited nroxy, any
shares of stock, and similarly to exercise personally, or
by general or by lim:itecl power� ot atLorney, any right
appuL�ei�ant to any securities or other property;
(1i) To borrow mon�y in such amounts ancl upon such terms anci
eonclitions �s shall be deemect advisable ar proper to
carry out the purpose oF this trust and to pledc�e any
securities or ott�er proper�y for the repaym�nt of any
such loan;
(i) To hold p�r� or all oF the �rust fund uninvested,
(j) To employ suitaUle accountants, agents, counsel and
custodians and to pay their reasonable expens�s and
compensation;
(k) `Po register any securities held by them in their own
name, or, to L'he �xtent permii:ted by law, in the name oF
a nominee with or wii:hout the addition of words
indicatinq that such securities are held in a fiduciary
ca�acity anci to hold any securities unregistered or in
b��rer form;
(1) To make, execut� ancl cl�li.ver all instruments necessary or
proper for the �ccomplishment of the purpose of this
trust or of any of- the foregoing powers, includinq deeds,
bills of sale, transE�rs, leases, mortgages, security
agreements, assignments, conveyances, contracts, purchase
agreements, waivers, releases and settlements;
(m) To exercise any and all powers granted to `i`rustees under
Minnesota Statutes §501. 66, as it exists at the date oF
�xecution of this Trust Agreement; and
(n) Any o�.her provisions o� this agreement no�withstanding,
the Trustees shall not engage in any acL• of selg-dealing
as defined in Section �9h1 (d) of �he Internal Revenue
Cocle oE 19f3G, or corres�onc3ing provisions of any
subsequent tederal l-.ax laws, nor retain any excess
business tloldings as deFir�ed i» Section A943 (c) of the
Interna.l ttevem�e Code of 19IIG, or corresponding
provisions of any subsequent federal tax laws; nor make
any investments in such manner as to incur tax liability
under Section h9�t�l oF tt�e Internal I2evenue Code of 1986,
or corresponding �rovisions of any subsequent federal tax
laws; nor make �ny taxaUle expenditures as defined in
Section �9�5 (cl) oL- the Internal Revenue Code of 19a6, or
corresponding provision� oi 811y subsequent federal tax
laws.
5
7 , Tr�istees Desi.anation and Succession. The trust shall be
manage�l and adminisL-ereci by five (�) `1'rustees. Class I Trustees
shall be nomina�ed and ap�oinL'ed Uy the Mayor oF the City of
Itosemoui�t, with the approval ot• the City Council of Rosemount at
the first City Council meeting in January of each year. C1ass I
Trustees shall consist o� three (�) Trustees wlto are residents of _
the City of Rosemount, selected for their knowledge oF the needs oF
th� cil-i2ens of Rosemount and t11e City of Rosemount. No more than
one Class I Trustee may be eith�r a member of the Rosemount City
Council or an employee of t-he City of Rosemount. Class I Trustees
sh111 serve L'or �hree (�) ye�r l-.erms and may not serve for more
than two (2) consecutive tllree (3) year terms. Upon the initial
appointment and designation of Class I Trustees, the Mayor shall
clesignate and stagger the terms oC th� initial Trustees such that
in January oE each year a Trustee must Ue designated and appointed
by the Mayor oF the Ci�y oi' Rosemount, with the approval 'of the
City Council oF Rosemount. Class II Trustees, consisting o� two
(2) Trustees, shall be designated and appointed by the Donor.
Class II Trustees shall serve aL 1:he pleasure oF the Donor.
Any Trustee may resign his office at any time without leave of
Court by written notice to all Trustees Lhen i.n office. The
resignation shall be effective as oE rhe time set fortt3 in said
notice of resignation. Vacancies existing in �he ofPice of Class
T Trustees, for wha�ever causc, sliall be Filled by anpointment by
the Mayor of i:he Ci�y oE RosemounL- , suhject to ap�roval by the city
Council of Rosemount. Vacancies exisLing in the o�Fice ot Class YI
Trustees, for wtlatever caus�, shall be filled uy the Donor. The
Trustees may aci: noL-withstancling the existence of any vacancies so
long as there shall continue to Jae at leasL- three (3) Trusl:ees in
ofFice.
The appoin�ment of Trustees and successor Trustees shall be
made by an instrument in wri�inc�. Tn the case of Class I Trustees,
tiie writing sllall contain a certified copy of the resolution of the
City Council of Rosemount appointing the Trustee or successor
Trustee. In the case oP Class II Trustees, the writing shall be
signed by an executive oL'P.ice:r of �he Donor and apnoint the '1'rustee
or successor Trustee. Trustees shall assume office immediately
upon their appointment- , unless ttte notic� oE appointment provides
o�herwise. �very successor `t'rustee shall have the same powers and
duties as those conferred upon the Trustees n�med in tllis Trus�
Agreement.
a . Bond anci ComnensaCion. No Trustee shall be required to
furnish any bond or surety . Each Trustee shall serve without
compensation for services, but all exl�enses ot �his trus� or of any
Trustee shall be ��aid by tlie TrusLees from the trust fund.
� , I�ccounti.ng by '1'r.ustec�s. 2'he Tri�stees shall render
accountis ot l.heir i.ransacGioils to tlle Donor and the city of
Rosemount at least �nn�ially, and t11� Donor and tt�e City oF
6
Rosemount shall approve such �ccounts by an instrument in writing
delivered �o the Trustees. In the absence of the filing in writing
with the Trustees by the Qonor or the City ot Rosemount of
excep�ions or objections to any such account within sixty (60)
days, the Donor and th� City of Rosemount shall be deemed to' have
approved such account; anci in such case or upon the written .
approv�1 of ttle Donor ancl the Ci�.y of Rosemout�t of any such
account, the trustees shall be released with respect to all matters
and t.hings set torth in such account as though such account had
bec:n settled by the decree oF a court oF competent jurisdiction.
In the event either the Donor or the City of Rosemount do not
approve such account, both the Donor and the City of Rosemount
shall have such rights as are grani�ed by law to the beneFiciaries
and t-rustees oF the �rust to require an accounting_. No persons
other lhan the Donor zncl Ll�e City oP Rosemount may require an
accou�ting ox brinc� �ny actian againsi: the Trustees with respect to
this trus�. The 'i'rustees may at �ny time initiate legal ac�ion or
proceeclings for the settlement oF tlieir accounts and, except as
otherwise required by law, the only necessary parties defendant to
sucti action or proceeding shall be the Donor and ttie City of
Rosemount.
10. Liabilitv oF Tr.ustees. No Trustee sl�all be answerable
for loss in investments made in good faith. No Trustee shall be
liable for the acts or omissions of any other Trustee, or of any
accounL-ant, ayent, counsel or cusL-odian s�lected with reasonable
care. �ach Trustee shall he tully protectea in aci:ing upon any
instrument, certificate or paper, l�elieved by him to be genu.ine and
to be siyned or presented by the ��roper person or person, ancl no
trustee shall be under any duty to mak� any investigation or
inquiry as to any statement contained in any such writing but may
accept� tlle same as conclusive eviclence of i:he truth and accuracy oF
the statements.
11. Amendment. Tl�is `1'rust Agreemen� may be amended or
modiFied from time to time by the unanimous consent of the
Trustees, togetlier with the approval oF the City of Rosemou t a
.,,-o nn;;van 1 ant �
the Donor, whenever n�'�c. ary or aav�sau�� 1�1 �_« �«���
or e�ff '—icient �dministration oE this �rust or to enable the Trustees
to carry out the purpose of this trust more effec�ively, but no
such amendment or mociification shall alter the intention of the
' Donor that this tiust be operated exclusively Por� the purposes set
fortti in Section 1 I�ereof, ancl in a manner which shall make this
trust tax exempt and tlZe donai�ions to it deductible from taxable
income to the extent allowed by the provisions of the Internal
Revenue Code of 19t36 and otller a�plicable legislation and
regulations as they now exist or as tl�ey may be amended. Every
amendment or modification ot this agreemen� shall be made in
writinc�, and si�all be signed l�y Che City oP Rosemount, by two (2)
oPficers oF the Donor. pursuai�t to authority of its Doard of
Directors, and by all Tr.usl:ees, ancl shall be delivered to each of
the Tr.ustees t11en in office.
7
12 . ?rrevocnhility nn� Terminntio�. Thie tru�t sha11 be
irrevocable, but may be termina�ea at any time by unanimous action
of the Trustees, with the approval of the City of Rosemount and the
Donor. Upon any �uch termination, the Trustees shall promPtly
distribute the entire trust fund to qualiPied recipients under the
terms of this trust.
13 . Situs. This agreement is executed and delivered in the
State of Minnesota, the situs of the trust shaTl be in the State of
Minnesota, and all terms and provisions of this trust shall be
governed by the laws oF the State of Minnesota.
lh . �ccentance of Trust. The Tr.ustees accept this trust, and
hold, manage and aaminister the �rust �und in accordance with the
terms of this agreement.
IN WITNESS WI-IEREOI', this agreement has been executed in
Houston, Texas by the Donor and in Rosemount, Minnesota by each of
the named trustees .
Attest: USPCI, INC.
,
B '� i� , .-.
aY' / / % � /� ! f , '\
.
, � . .
It • V`ce President - P'inance its ;� Senior V�ce President
Administration and � IIusine�s Development
Treasurer ,�
USPCT, INC. ROSEMOUNT COMMUNITY
TRUST FUND
, � .
Re 14ra f t, ustee /
..•�� �/1i:�. ��'� S .�✓��C
, ar . behoe sler, Trustee
����J.4.v��.'C:l�,y�L'1^-�! .
S eve Toomb�''"T� uste
•��.. . ; , �. �.-.. � ��e , ..
L ,.!� . ��. '�!1_�/., i'1'
Ca�l�y 13}:lsho, T ustee
• � l �y
� . . � � � �^�t2.�L•�!i �L/(.c."L41•y . � �
�a�ck Warweg, Trustee
/i�
v
II
sT�Tr oF T�x�s }
}
COUNTY OF IiARRIS }
On this /% ��` day o€ November, 1992, before me, a Nota�ry
Public, within and for said County, personally appeared Ken Jackson
and James i1. Campbell, i:he Senior Vice President and Vice President
- Finance & Administration and Treasurer, xespectively, of USPCI,
Inc. , to me known to be tl�e persons named in and who executed �he
for�going instrument and acknowledged that they executed the same
pn behalF of the corporation. �
; .-• •. . : .. , ,
,'� �. �� ay� k��'•��, i i , �^ • � � ` �",/
r,.:�.Y., ,:� s:-�,'i:,, �...::��:�,�.�l ��. .!C_t�., ��I��
'��c�''•���9��r � � � i Notary Public
14?��C:��4��., .,�} ;.;�' ./ Commission Expires: � •;�� • j`,�
•d��.r��;�',�7 �• .�.
� .^`.�:
''. �''�' .....
., _.''•
., . ''� ..
.,,�.,,. .
STA`I'L"br �MINN�SOTA }
?
COUNTY Or DAKOTA }
On this �.�`�%�� day of November, 1992, before me, a Notary
Public, wi�hin and for said County, personally appeared REX KRAFT,
Trustee for USPCI , INC. RGSEMOUNT COMMUNITY TRUST FUND, to me known
to be the person named in and who executed the foregoing instrument
and acknowledc�ed that lie executed the same on behalf oF �he trust
fund.
. . � MA�MAMA� . \'•� •• ' /� .� . - / � � I .
., IINDA M. HIIVAU�
��• NOTARY PUBUC-MINNES.�•• ' � ��� •'� �-� ' /I•� -�-���iC.�/Z.��2/
��._.� oaKoin CouhTv : Notary Public
,�,�,,,.�r c°"ti". E.P"�'a�. ". .:`:.; Commiss ion Expires: ��•/,:� �'�F`
!YV V i
STATL Or MTNN�SOTA }
}
COUNTY OF DAKOTA }
On this �,'����� day of November, 1992, before me, a Notary
Public, within anci for said County, personally appeared MARY
SCFIO�SSLER, `1'rust�e For UST'CI, INC. ROS�MOUNT COMMUNITY TRUST FUND,
to me known to be the person named in and who executed the
foregoing instrument ancl acknowledged that he executed the same on
belialf of the trust fund.
,�
, .. . ,-� ' • : - . , '
IINDA M. NIIVALA � ,� ,1.-r. .��%L � //�1 '���! � :�•it �.'�C ,�
,� �� IIOiARY PUBUC-MINNESOT.1 � NOtdT'y PU}�I.1C
UAKOTA COUNT': ; Commission Expires: '=% � � • !�
� :� arra:i. t�f�xc: '. .. � ' .•/.��
� ...�.•v.•:�vvwVwvvwv�Y•.Y•�...'./r .
, J
ST�TE OF MINNESOTA }
. . .. }
COUNTY OF DAKOT� }
On this day of November, 1992, before me, a Notary
Public, within and for said County, personally appeared STEVE
TOOMBS, Trustee for USPCI, INC. ROSEMOUNT COMMUNITY TRUST FUND, to
me known to be the person named in and who executed the foregoing
instrument and acknowledged tha� he executed the same on behalf of
the trust fund.
. � � " /�
�ee� •ci •�v f�� •��w , �1 � r •.r t�-�.J
uN(t0� v1oxYQ �y�,�, Notary Pu lic �/
rios�rw�w-�i�erwxbvioN •t"�� Commission Ex ires, / �
V1VAlIN 'W VaNil P ' j''/�" J y
. .
STATE OT' MINNESOTA }
}
COUNTY OT' DAKOTA j
i3���1;
On this 1 , day of November, 1992 , before me, a Notary
Public, within anci for said County, personally appeared CATHY
BUSHO, Trustee for USPCI , INC. ROSEMOUNT COMMUNITY TRUST FUND, to
me known to be the person named in and who executed the foregoing
instrument and acknowledged tha� he executed the same on behalf of
the trust fund.
C J� /') r/' -' '
� ' ��
LiNDA M. HIIVALA � ��1L�� tL!�. = ���� /Y"�-��`�-
i�� HOTARY PUB11C—MINNESOTA ° • No�ary Public / �
,. OAKOTA COUNTY Commission Ex ires: � -� � � ��
MY Gw►e. Erpht Apr. I7. 1940 p ( ..- / =
r �
STATE OF MINNESOTA }
} .
COUNTY OF DAKOTA }
On this �
,��' � day of November, 1992, before me, a Notary
Public, within and for said County, personally appeared JACK
WARW�G, Trustee for USPCI, INC. ROS�MOUNT COMMUNITY TRUST FUND, to
me known to be the person named in and who executed the foregoing
instrument and acknowledged that he executed the same on behalf of
the trust fund.
■ LINOA M. HIIVALA ; �-- ' `
� ,�• NOTARY PUBIiC—MINNESC-' • � ./�LQ!(�
'�'±J DAKOTA COUNTY �
My Comm. Eap��s A{u. 11. S:c:S Not ry Pub 1c �
. commission Expires: c/_� �, ���
lo