IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
AN ORDINANCE authorizing a change to terms of the endowment provisions for the Jackson County Warmth and Light Inner City Trust Fund and authorizing the Foundation to disburse the trust fund balance for the use of the program of United Inner City Services.
Intro
ORDINANCE # 3711, November 7, 2005
INTRODUCED BY Henry C. Rizzo and Eugene Standifer, Jr., County Legislators
Body
WHEREAS, the County Legislature did, by Ordinance 1897, dated November 13, 1990, authorize the payment of $100,000.00 from the 1990 General Fund and the execution of a Cooperative Agreement("12/04/90 Agreement") pursuant to Section 70.220, RSMo, with the Greater Kansas City Community Foundation ("Foundation"); and,
WHEREAS, by said ordinance, the County, as the trust settlor, paid the $100,000.00 to serve as the endowment for the Jackson County Warmth and Light Trust Inner City Fund ("Trust Fund") under the trusteeship of the Foundation; and,
WHEREAS, under the terms of the Trust Fund, the foundation as trustee was authorized to use the interest gained on the $100,000.00 principal for the Trust Fund purpose for agencies assisting inner city poor and eligible individuals through United Inner City Services ("UICS"); and,
WHEREAS, due to reductions in interest income, the trust is no longer a viable means by which to address the needs of poor persons within the County and the principal sum is required to be used for similar public purposes; and,
WHEREAS, UICS has requested the use of the Trust Fund balance of approximately $160,000.00 which includes the principal endowment amount of $100,000.00 for assistance to the poor during the fall and winter months of 2005 and succeeding years; and,
WHEREAS, the Foundation, as trustee, is willing to make the entire Trust Fund balance available to meet the requests of UICS as needed for purposes consistent with the intent of the Trust Fund; and,
WHEREA...
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