HomeMy WebLinkAbout05649ORDINANCE NO. 5649
AN ORDINANCE CREATING A SPECIAL FUND PURSUANT
TO SECTION 7 -21 OF THE CHARTER OF THE CITY OF
PUEBLO TO BE KNOWN AS THE "JOSEPH HALE EDWARDS
TRUST FUND" TO BE USED EXCLUSIVELY FOR THE
BENEFIT OF THE ELDERLY CITIZENS OF THE CITY OF
PUEBLO
WHEREAS, Joseph Hale Edwards died on April 22, 1990 leaving a
Will which provides in Article Third thereof:
I give the rest, residue and remainder of my estate to the
City of Pueblo, Colorado for the purpose of being used for
the benefit of the elderly citizens of said City.
WHEREAS, the City is willing to accept such bequest and to
hold and administer same and income therefrom, in trust, for the
benefit of the elderly citizens of the City. NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
gFrTTnM 1
The City shall accept and hold all funds received from the
Estate of Joseph Hale Edwards, in trust, in a special fund which
is hereby created under Section 7 -21 of the Charter of the City to
be known as the "Joseph Hale Edwards Trust Fund" (herein the
"Fund") for the exclusive benefit of the elderly citizens of the
City of Pueblo.
SECTION 2
All monies in the Fund shall be invested and reinvested by
the Director of Finance. The Fund, including both principal and
income from the investment thereof, shall be used, held, appropri-
ated and expended for the exclusive benefit of the elderly
citizens of the City of Pueblo in such manner and at such times as
the City Council in its discretion shall by Ordinance determine.
1 M 11 T T f% TO ')
This Ordinance is, and shall constitute, a legislative
measure of the City. This Ordinance is, and shall be irrepealable
and the Fund shall not be abolished until the Fund, both principal
and interest, shall have been fully appropriated and expended for
the benefit of the elderly citizens of the City of Pueblo.
n T nm T!'1 DT A
This Ordinance shall become effective upon final passage.
INTRODUCED: November 26, 1990
By DR. GILBERT GARBISO
Councilperson
ATTEST: APPROVED:
i
Ci lerk Pre ent of t e City Council
TJ 47.38 -2-