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Substituted Copy
Dated June 8, 1987
ORDINANCE NO. 5407
AN ORDINANCE TRANSFERRING THE SAMUEL T. JONES
MEMORIAL FUND TO THE UNIVERSITY OF SOUTHERN
COLORADO FOUNDATION AND REPEALING ORDINANCE
NO. 5372
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The Samuel T. Jones Memorial Fund in the amount of $500,000
(herein "Fund ") be transferred to the University of Southern
Colorado Foundation (herein "Foundation "). The Fund and all
income from the investment thereof are to be held by the
Foundation as a special restricted fund to be used solely for the
construction of the proposed University of Southern Colorado
sports complex (consisting of an olympic size swimming pool, a
wrestling facility, racket ball and handball courts, locker rooms,
classrooms and offices) (herein "Sports Complex ") contingent upon:
(a) The remaining funds needed to construct the Sports
Complex be obtained by gifts or grants from third parties or by
appropriations from the State of Colorado;
(b) The citizens of Pueblo having access to use the Sports
Complex at times and under conditions to be set by the University
of Southern Colorado and the City of Pueblo;
(c) The Sports Complex containing a suitable room for
installation of pictures, memorabilia and other mementos in
connection with the Greater Pueblo Sports Hall of Fame and provide
a permanent home for that project;
(d) The Sports Complex be named the Samuel T. Jones Memorial
Sports Complex; and
(e) The Foundation accepting writing the transfer of the
Fund subject to the provisions and conditions of this Ordinance.
SECTION 2.
If the construction of the Sports Complex has not commenced
by September 30, 1992, the Foundation shall transfer and return to
the City of Pueblo the full amount of the Fund transferred to the
Foundation pursuant to this Ordinance together with all income
from the investment thereof.
SECTION 3.
Ordinance No. 5372 is hereby repealed. This Ordinance shall
become effective upon final passage.
INTRODUCED: May 26, 1987
ATTEST:
By DOUGLAS L. RING
Councilman
APPRO
Pre 'dent of the City Council
-2-
RECEIPT AND AGREEMENT
The University of Southern Colorado Foundation (herein
, "Foundation ") does hereby„ acknowledge receipt of the sum of
,$500,000 "Fund'.')'transferred.to the Foundation by the City
of Pueblo, Colorado (herein "City ").
Foundation acknowledges and agrees that the Fund was trans-
ferred by City to Foundation pursuant to Ordinance No. 5407, a
copy of which is attached hereto and incorporated herein, and that
the Fund and all income from the investment thereof are to be held
by Foundation as a special restricted fund to be used solely for
the construction of the Samuel T. Jones Memorial Sports Complex
contingent upon and subject to the provisions of Ordinance No.
5407.
Foundation further agrees that if the construction of the
Samuel T. Jones Memorial Sports Complex has not commenced by
September 30, 1992, Foundation shall transfer and return to the
City the full amount of the Fund and all income from the invest-
ment thereof.
The undersigned officers of the Foundation do hereby certify
that:
(a) Foundation is an organization described in Section
501(c)(3) of the Internal Revenue Code of 1986, as amended, and is
exempt from federal income taxation under Section 501(a) of the
Code and is not a "private foundation" as defined in Section
509(a) of the Code.
(b) Foundation is duly organized, validly existing and in
good standing under the laws of the State of Colorado and has all
necessary corporate power and authority and requisite approval of
its members and board of directors to enter into, execute, and
deliver this Receipt and Agreement.
(c) This Receipt and Agreement
Foundation and enforceable against
' its terms
"Signed at Pueblo, Colorado this
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is valid and
Foundation in
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UNIVERSITY OF SOUTHERN COLORADO
FOUNDATION
By W
Pr ident
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City of Pueblo
THOMAS E. JAGGER
City Attorney
127 Wart, First National Bank Bldg.
PUEBLO, COLORADO 81003
MEMORANDUM
TO: Billy G. Martin, Director of Finance
FROM: City Attorney
DATE: June 23, 1987
RE: Samuel T. Jones Memorial Fund
The City Council at its meeting of July 22, 1987 approved
Ordinance No. 5407 transferring the Samuel T. Jones Memorial Fund
in the amount of $500,000 to the University of Southern Colorado
Foundation.
The transfer is contingent upon the Foundation accepting in
writing the transfer subject to the provisions and conditions of
the Ordinance.
The enclosed Receipt and Agreement should be executed by the
appropriate officers of the Foundation at the time of transfer.
The original executed Release and Agreement should be kept by the
City Clerk with Ordinance No. 5407.
If you have any questions please call me.
oTh" ma's agger
/jp
Enclosures
xc: Lewis Quigley, City Manager
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