91-7724RVJ
RESOLUTION NO. 7724
A RESOLUTION ESTABLISHING
THE FRIENDS OF WOOD LAKE ENDOWMENT FUND AND
THE FRIENDS OF WOOD LAKE OPERATING FUND AND
PROVIDING FOR THE SAFE KEEPING AND USE OF SUCH FUNDS
WHEREAS, by Resolution No. 7723, adopted on February 25, 1991,
the City Council of the City of Richfield established the Friends
of Wood Lake, an advisory and resource organization created for the
purpose of providing aid and assistance to the Wood Lake Nature
Center; and
WHEREAS, the Council has determined that one of the principal
activities of the Friends of Wood Lake organization should be to
raise funds by voluntary contributions from the public for the use,
protection, preservation, and enhancement of the. Wood Lake Nature
Center; and
WHEREAS, the Council has determined that it is appropriate to
provide procedures for :securing input from interested citizens
prior to expending such funds; and
WHEREAS, the Council wishes to provide a means of segregating
such contributions from the general funds of the City by creation
of two special funds as hereinafter provided; and
WHEREAS, the Council has determined that one of such funds
should be a general operating fund and that the other such fund
should be an endowment trust fund, the principal of which may not
be expended by the Council as long as such fund is in existence,
but which shall be held in trust and invested for the purpose of
generating investment income for use at or in aid of the Wood Lake
Nature Center;
NOW,. THEREFORE, BE IT RESOLVED by the City Council of the City
of Richfield, Minnesota, that:
1. The Friends of Wood Lake Operating Fund (hereinafter referred
to as the "Operating Fund") is hereby established. Such Fund shall
be accounted for as separate revenue and expenditure accounts
within the City's computerized general ledger in the City's Special
Revenue Fund.
2. The Friends of Wood Lake Endowment Fund (hereinafter referred
to as the "Endowment Fund") is hereby established. Such Fund shall
be maintained as a non-expendable trust fund within the City's
Trust and Agency Fund. The Endowment Fund shall be maintained as
an invested fund. Interest earned on investments shall be credited
to the Operating Fund, but the principal shall not be expended as
long as the Endowment Fund is in existence. If at any time the
City Council determines that maintenance of the Endowment Fund is
no longer appropriate, it may dispose of the remaining monies in
the Fund either by making capital expenditures at the Wood Lake
Resolution No. 7724
Page 2
Nature Center or, if in t e judgement of the City Council such
action more accurately re~lects the intent and purpose of creating
the Endowment Fund, such funds may be released to any nonprofit,
charitable. or governments organization for similar educational and
environmental purposes at the direction of any judge of district
court.
3. One hundred percent
Wood Lake Endowment Fund
Unless otherwise directed
contributions to the Frie
of the two Funds, or to t
Nature Center shall be de
otherwise directed by the
Friends of Wood Lake, or
Fund, or to the City for
shall be credited to the
4. The City Council sha
Operating Fund except for
and programs at the Cente
Friends of Wood Lake and
is intended that expendit
programs, projects and im
would not otherwise be fu.
programs at the Nature Ce.
expenditures for any lawf
which, in the judgement o
5. No expenditures from
first securing the commen
Board of Directors of the
Wood Lake shall have 60 d
proposed expenditures by
expenditures. Comment on
favorable if 60 days have
for costs and expenses of
the Friends of Wood Lake
improvements recommended
submitted for comment. T
to make. such expenditures
notwithstanding any comme
6. This resolution shal
of Minnesota Statutes Sec
made, without restriction
made to the City, without
used for the Wood Lake Na
Fund provided such donati~
those established herein
f all contributions to the Friends of
hall be deposited in the Endowment Fund.
by the donor, 50 percent of all
ds of Wood Lake which do not specify one
e City for the benefit of the Wood Lake
osited in the Endowment Fund. Unless
donor, all other funds contributed to the
o the Friends of Wood Lake Operating
he benefit of the Wood Lake Nature Center
perating Fund.
1 not make any expenditures from the
the benefit of Wood Lake Nature Center
and for costs and expenses of the
rograms of the Friends of Wood Lake. It
res from the Operating Fund will be for
rovements at the Nature Center which
ded by ad valorem taxes or revenues from
ter; however, the City Council may make
1 purpose relating to the Nature Center
the Council, serves the public interest.
the Operating Fund shall be made without
on such proposed expenditure from the
Friends of Wood Lake. The Friends of
ys from the date of submission of
he City Council to comment on such
such expenditures shall be deemed to be
elapsed without comment. Expenditures
the Friends of Wood Lake or programs of
nd expenditures for programs, projects or
y the Friends of Wood Lake need not be
e City Council shall have the authority
in its absolute and sole discretion
is thereon from the Friends of Wood Lake.
serve as acceptance within the meaning
ion 465.03 of all donations which are
to any Friends of Wood Lake Fund; or are
restriction other than that they shall be
ure Center; or are made to the Endowment
n contains no restrictions other than
or the Endowment Fund.
Passed by the City Council of the
of February, 1991.
ATTEST:
/ ~LB~dt~tGZD G • / ~-e.
City of Richfield this 25th day
GtiG'~' __
Martin J. K'rsch, Mayor
Thomas P. Ferber, City Cler