Loading...
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-