Resolution - 2012 - 12-12 - Authorize And Direct The Adoption Of An Eagle Economic Development Fund - 04/10/2012 RESOLUTION NO. 12-12
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EAGLE, IDAHO,
AUTHORIZING AND DIRECTING THE ADOPTION OF AN EAGLE ECONOMIC
DEVELOPMENT FUND WHICH IDENTIFIES THE GOAL OF EFFECTIVELY
MANAGING DONATED FUNDS FOR ECONOMIC DEVELOPMENT AND OUTREACH
PROJECTS AND PROGRAMS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Eagle recognizes that individual citizens desire to see certain Economic
Development projects and programs instituted, completed, and maintained; and,
WHEREAS, the City of Eagle desires to enhance economic development in the territory and
limits of Eagle; and,
WHEREAS, the City of Eagle is a municipal corporation of the State of Idaho, which falls under
IRS Publication 526: Charitable Contributions; and,
WHEREAS, the City of Eagle intends to offer further security to donors wishing to restrict their
donations to specific economic development projects and programs within the fund; and,
NOW, THEREFORE, BE IT RESOLVED by the Mayor and the Eagle City Council that from
the signing date of this resolution, the City of Eagle will institute an Economic Development
Fund that restricts donations, at the request of donors, to specific projects and programs. The
City further identifies the City Treasurer and the Mayor to facilitate and administer these donated
funds pending approval by City Council. The City further recognizes that donations to the
Economic Development Fund shall be considered restricted funds as they are provided by
sources other than City taxes or fees and cannot be used for any other purpose, program, project,
department, or indebtedness to ensure that funds will be available for the projects and programs
for which they were intended and without delay subject to approval by the City Council.
THIS RESOLUTION SHALL BE IN EFFECT FROM AND AFTER ITS PASSAGE AND
APPROVAL BY THE EAGLE CITY COUNCIL AND SIGNATURE OF THE MAYOR.
APPROVED AND ADOPTED by the Eagle City Council, Eagle Idaho.
This /D day of April, 2012.
eq Y OF EAGLE, AHO
'
ames D. Reynolds, Mayor
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Sharon K. Bergmann
City Clerk/Treasurer m r 0 4r
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