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11-823 Fire Prevention FundCITY OF MERIDIAN RESOLUTION NO. ~,,,1 ' ~ ~~ BY THE CITY COUNCIL: BIRD, HOAGLUN, ROUNTREE, ZAREMBA A RESOLUTION TERMINATING THE TRUST AGREEMENT BETWEEN WALTER W. MORROW AND THE CITY OF MERIDIAN ESTABLISHING A FUND ACCOUNT THAT BENEFITS THE RURAL FIRE DISTRICT VOLUNTEER FIREMEN'S ASSOCIATION'S EDUCATIONAL FUND AND DISTRIBUTION OF FUNDS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on November 9, 2011, the City Council of Meridian received a report from the Finance Department regarding the Trust Agreement dated January 4,1994; and WHEREAS, said Trust Agreement establishes a fund whereas 50% of the net income of the Trust account be distributed to the Rural Fire District Volunteer Firemen's Association's Educational Fund; and WHEREAS, said account at Bank of Cascades currently has a balance of $13 81.73; and WHEREAS, Walter W. Morrow wishes to terminate the Agreement and transfer said funds to the Western Ada Recreation District; and WHEREAS, after receiving said report, the City Council directed that the City of Meridian close said account and forward $1,381.73 to the Western Ada Recreation District. NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF MERIDIAN CITY, IDAHO: Section 1. That the Trust Agreement dated January 4, 1994 between Walter W. Morrow and the City of Meridian is hereby terminated. Section 2. That the City of Meridian hereby close the account at Bank of Cascades and forward $1,381.73 to the Western Ada Recreation District. Section 3. That this Resolution shall be in full force and effect immediately upon its adoption and approval. ADOPTED b the Cit Council of Cit of Meridian, Idaho this day of ~ , 2011. APPROVED by the Mayor of the City of Meridian, Idaho, this day of N~ ~ ~ , 201 1. TTEST: o~~~~ a vo~,s~T A G~~ 11~ City of E IDIAN~ cee man, Clerkc ~. ~ ~~ SEAL ti ,``"~ f fha 1'A~~S APPROVED: ,~~-~~- Tammy de Weerd, Mayor RESOLUTION FOR TERMINATION'AO~T TAGREEMENT-FIREMEN'S ASSOCIATION EDUCATIONAL FUND AND DISTRIBUTION OF FUNDS TO WESTERN ADA RECREATION DISTRICT - l OF 1 ~ TRUST AGREEMENT ~" - THIS TRUST AGREEMENT , Made and entered into this 4th day of January, 1994, by and between WALTER W. MORROW, of Meridian, Ada County, Idaho, hereinafter called "GRANTOR", and the CITY OF MERIDIAN, a municipal corporation of the State of Idaho, hereinafter called "TRUSTEE',. WHEREAS, the Grantor does hereby, and by these presents does, convey, transfer, assign and set over and deliver to the°Trustee the sum of FIVE. HUNDRED AND N01300 DOLLARS (.$500.00; WHEREAS, the abdve funds are an aocumulation'of all remaining political campaign contributions from the Grantor's. successful campaign for City Councilman and personal funds of'the Grantor; WHEREAS, all this property, together with other property that hereafter may be added to this trust by the Grantor, or any other person shall, upon acceptance thereof by the Trustee, shall constitute the TRUST ESTATE known as the "RHONDA BENSON FIRE PREVENTION EDUCATIONAL TRUST FUND" and shall be held, managed and distrbuted?by the Trustee as hereinafter provided;. NOW, THEREFORE The parties mutually agree as follows:_ 1. That the above recitals are contractual and binding as if set forth herein in iEull. 2.. That the Trustee shall hold, manage, and control the property comprising the Trust Estate, collect the income therefrom, and out of the same, shall 'pay all taxes and other ineidental expenses of the Trust 8state and shall hold the Trust Estate and ~~' distribute the income therefrom for the following purposesd a. The kT~rus~tee',shalilyannually»paysFSFTY;PERCE~Th^~(,5,0$,),~of the ®.. net income to the City rof~~Mer~i~a/Rux~lFire~Di:~trdct7; yolunfei~;ar~ro~eh~,.5~,,r~,;°y. _ _.,~,~~__ -- -~ PFittrid •to be used for fire prevention education. b. The Trustee shall accumulate and reinvest the remaining FTFTY PERCENT (508) of the net income and retain such within the Trust Estate. Q~ c. The Trust Estate hereby created shall continue in full force and effect ae long as the City of Meridian/Rural Fire District Volunteer Firemen's Association continues to maintain a fire prevention educational fund. d. Tn the event the City of Meridian/Rural Fire District separate, the Trustee shall distribute 508 of the n t i c e n ome to the fire prevention educational fend established by the City" of Meridian volunteer firemen or by the Meridian professional firemen, and if there be no such fund be established, then the Trustee is hereby. directed to establish such a fund and deposit 508 of `the net income of the Trust Estate thereto. The Trustee shall dis ribute the remaining 508 of the net income to this Trust Estate, the Rhonda Henson -Fire Prevention Educational Trust Fund, to be held by the Trust .Estate and reinvested.. e. That the `Trustee is directed to obtain the .highest possible income on the Trust Estate with reasonable and due consideration for the safety of the investment; the Trustee, however, F"sha141~:~~rot;~beare$tra.ct~drby the investment guidelines placed on municipal governments by the laws of the State of Idaho; the Trustee, in investing the funds`of the firust Estate (_ ~~ shall use the ~T~t~ustee!~s~Ch3.~etiFnan~~.ta=1~~O~fcer.~~-°~as an - investment advisor. t. Other persons or entities wishing to grant funds or praperty to the Trust Estate may do so. ~_g. This grant and trust shall be irrevocable-and Grantor shall have no interest in, or power of appointment over, the Trsuct Estate. ~ DATED This ~ day of .7anuary, 1994. GRANTOR W TER W. MO ~ A-~.IfCI~1.L ~ ~,:,~ TRiTSTEE .CITY OF MERIDIAN 'F . AINGSFORD ATTEST; I ._ Mayor ~~~ WIT,L BERG City Clerk Q$ 1lf~~ !~ eo ~~' • oa q~ l ~ ~~ ~ ~ i~ m y ~G "' ~ '~ ~9 ST ls~ ~ ~O P ~0!/ ~~ ' A/F l , ~,.1 .; ,, , ~+ - STATE OF IDAHO,) sa. County of Ada, ) On this ~~ day of ,. 1994„ before me, .the undersigned, a Nota Pub in and for said :State, personally appeared WALTER W. MORROW, known to me to be the person whose name is subscribed to the within and foregoing instrument, and acknowledged to me that he executed the same. IN WITNESS WBER80F, I have hereunto set my hand and affixed my of:Eioial seal the day and year first above written. SEAL C/ldvlR n NOT Y PUBLIC,FOR IDAHO RSS ING AT MERIDIAN, ID STATE OF IDABO,) ss. County of Ada, ) ~.'z:~ On this 4 day of January 1994,,. before me, _the undersigned, a .Notary Public in and for said State, personally ;appeared GRANT P. KINGSPORD and WILL BERG, known tome to be the Mayor and City Clerk of the City of'Meridian, Idaho, and who-executed .the. within instrument, and acknowledged to me that the City of Meridian executed the same.. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day, and year first above written. .~ ~G E i.. C •.,, Ste' ' ~p~ 9s~~w+ NO ARY PUBLIC FOR IDAHO ~ ~p7Aq} ~ ~ SIDING AT MBRTDIAN, IDAHO. ~ pU~.~,C ~~ commission expires 08/02/99 ~'•9FE aF ~~~.~ •••...oa~,.~ ~~ 4 E IDIAN*~-- ~©AHa CITY of MERIDIAN 33 E Broadway Avenue Meddian, Idaho 83842 CHECK RE4UEST PAY: REOUESTEDBY: Tadd iavdie ....Western AdaRecreatlon Dlslrlet CHECK NEEDED SY: nextcheck run. 793TNW 6th StreeE PLEASE CHECK ONE: ^ Mall Check PO Uoz 566.. filanaWre - Gale