No preview available
HomeMy WebLinkAboutR24-055 Directing Disribution from the Alexander J. Allen Education Trust to Youthpower 365 Docusign Envelope ID:7C52A3CB-0B64-41CF-A24A-E5E8ECCF547D Commissioner chandler-Henry moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2024-05 5 RESOLUTION DIRECTING DISTRIBUTION FROM THE ALEXANDER J. ALLEN EDUCATION TRUST TO YOUTHPOWER 365 DOLLARS FOR SCHOLARS FOR THE 2024/2025 SCHOOL YEAR WHEREAS, Eagle County is the trustee for the Alexander J. Allen Education Trust ("Allen Trust Fund"); and WHEREAS, Eagle County engaged Wells Fargo,NA to administer this fund balance and make investments for the Allen Trust Fund; and WHEREAS, the Board of County Commissioners (the"Board")has been directed to distribute the Allen Trust Fund to fund local Eagle County students' scholarships under the terms of the Allen Trust Fund documents; and WHEREAS, the Board works collaboratively with YouthPower 365, which administers a larger Dollars for Scholars Program, to determine Allen Trust Fund scholarship awards each year; and WHEREAS,the annual distribution amount Wells Fargo,NA will make each year is determined through collaborative calculations between Eagle County and YouthPower 365 each year based on the terms of their Memorandum of Understanding; and WHEREAS,based on those collaborations and the recommendations by the Dollars for Scholars Program, the Board desires to direct the distribution of sixty two thousand thirty one dollars and fifty cents ($62,031.50) from the Allen Trust Fund to fund the 2024/25 Allen Trust Fund scholarship commitments. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board directs Wells Fargo, NA, in August, 2024, to release sixty two thousand thirty one dollars and fifty cents ($62,031.50) from the Allen Trust Fund to the Eagle County Treasurer. THAT,the Board directs the Treasurer to use an additional twelve thousand nine hundred sixty eight dollars and fifty cents ($12,968.50)being held in escrow, along with the Docusign Envelope ID:7C52A3CB-0B64-41CF-A24A-E5E8ECCF547D sixty two thousand thirty one dollars and fifty cents ($62,031.50) released by Wells Fargo, NA, in order to pay a total of seventy five thousand dollars ($75,000)to the Higher Education Institutions for the 2024/25 school year on behalf of local scholarship recipients, in accordance with the terms of the Agreement between YouthPower 365 and Eagle County concerning the administration of the Allen Trust Fund. THAT, the Board hereby finds, determines and declares that this Resolution is necessary for the public health, safety and welfare of the residents of the County of Eagle, State of Colorado. ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the 27th day of August , 2024. Signed by: f:r.L., COUNTY OF EAGLE, STATE OF � COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS ATTEST: Signed by: \ Signed by: 5111&& 0-1b iuti 11444 Scl u,vr CODR2P2A68O6AA0 By: i D7 i8E0473.. Clerk to the Board of Matt8§cherr County Commissioners County Commissioners Chair DocuSigned by: 1749 CA4AG128FBAA47A... Jeanne McQueeney Commissioner ESigned by: Kathy"LIi ndte'r-Henry Commissioner Commissioner McQueeney seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Scherr Ave Commissioner McQueeney Aye Commissioner Chandler- Henry Aye This resolution passed by 3/0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado 2