CONSENT AGENDA- Bob, Therres, Public Services Manager/Asst. City Manager
Title
ESTABLISHING ENDOWMENT FUND FOR THE MARY ANN YOUNG CENTER
Background
Last fall, Ralph Odegard, who was a regular visitor of the Mary Ann Young Center, bequeathed a portion of his estate to the Mary Ann Young Center upon his passing. This donation was slightly more than $250,000. Staff is suggesting that the majority of these funds be placed in an endowment fund, similar to our existing Capital Improvement Fund, to be used for non-routine items for the Mary Ann Young Center or Senior Programs.
Interest created by the endowment fund can be used if five of seven Councilmembers approve of a recommendation by the Senior Advisory Committee. Principal from this endowment fund can only be used if six of seven Councilmembers approve of a recommendation by the Senior Advisory Committee.
Attached is a draft of a Mary Ann Young Center Endowment Fund that has been discussed by the Senior Advisory Committee. The Senior Advisory Committee has recommended that this endowment fund be adopted by the City Council.
Recommendation
By motion, adopt the resolution establishing an endowment fund for the Mary Ann Young Center.
Body
WHEREAS, Ralph Odegard and his sister were regular participants at the Mary Ann Young Senior Center, now known as the Mary Ann Young Center, over the years; and
WHEREAS, upon his death, Ralph Odegard donated in excess of $250,000 from his estate to the Mary Ann Young Center; and
WHEREAS, In order to best manage the donation a Mary Ann Young Center Endowment Fund is proposed to be created that protects the principal and establishes guidelines for the use of the funds;
NOW, THEREFORE, BE IT RESOLVED, that the Blaine City Council adopt the attached Mary Ann Young Center Endowment Fund
PASSED by the City Council of the City of Blaine this 20th day of April 2020.