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HomeMy WebLinkAboutR03-084 Amendment of Reso 2003-03 Concerning Alexander J. Allen Fund~ ~ Commissioner _ 2~~ moved adoption of the following resolution: BOARD OF COUNTY COMIVIISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2003- RESOLUTION APPROVING THE AMENDMENT OF RESOLUTION N0.2003-03 RESOLUTION CONCERNING THE ADOPTION OF THE TRUST AGREEMENT ESTABLISHING THE ALEXANDER J. ALLEN EDUCATION FUND WHEREAS, on March 11, 2003, the Trust Agreement establishing the Alexander J. Allen Education Trust (hereinafter referred to as the "Trust") was previously adopted by the Board of County Commissioners, County of Eagle, State of Colorado (Resolution 2003-03) in order to administer the Trust; and WHEREAS, it was discovered that the previously adopted Trust Agreement needed to be amended so that the administration of the Trust would be in compliance with Colorado law and §501(c)(3) of the Internal Revenue Code of 1986, as amended and the regulations thereunder; and WHEREAS, the Trust Agreement has been amended to reflect that the Trust is to be governed in all respects by the laws of the State of Colorado and subject to the Colorado Fiduciary Powers Act; and WHEREAS, the Board of County~Commissioners, wishes to amend Resolution No. 2003-03, In the Matter of the Trust Agreement establishing the Alexander J. Allen Education Fund to reflect the changes in the Trust Agreement; and WHEREAS, the Alexander J. Allen Education Trust was established for the sole purpose of supporting the Alexander J. Allen Education Fund (hereinafter referred to as the "Fund°) and fulfilling the intentions of Dr. Alexander J. Allen as expressed in his Will and Codicil under the circumstances now extant; and WHEREAS, the Fund was established to provide scholarship grants for the undergraduate education of eligible Eagle County, Colorado students in accordance with the governing documents of the Fund and the terms and conditions of the Trust; and WHEREAS, a Trust Agreement must be established to administer the Trust. NOW, THEREFORE;<BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, Resolution No. 2003-03 is hereby amended to reflect the amended changes to the Trust Agreement. THAT, the Trust Agreement establishing the Alexander J. Allen Education Trust is hereby adopted by the Board of County Commissioners in order to administer the Trust by the laws of the State of Colorado and the Colorado Fiduciary Powers Act. THAT, the Board authorizes the Chairman of the Eagle County Board of County Commissioners to execute the Trust Agreement to administer the Trust. THAT, this Resolution is necessary for the public health, safety and welfare of the citizenry of the County of Eagle, State of Colorado. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held this 22nd day of July 2003. ~ci`~ ~o o®~ COUNTY OF EAGLE, STATE OF ~ ~ By and Through its Board of County ~* ~ Commissioners ~ ~ ~ n_ .. _ . ATTEST: `Clerk of the Board Commissioners By: By: By: Commissioner ~J seconded adoption of the foregoing resolution. The roll having been called, a vote was as follows: ' CommissionerMichael L. Gallagher Commissioner Tom C. Stone CommissionerArn M. Menconi This Resolution passed by)~~~~~~~~~ ote of the Board of County Commis- sioners of the County of Eagle, State of Colorado. G:\WM\Amended Resolution adopting Trust Agreement.wpd Michael L. Gallagher, f~iliairman