HomeMy WebLinkAboutR22-077 Directing Distribution from the Alexander J. Allen Education Trust to YouthPower 365 DocuSign Envelope ID:8973D0E6-BCDF-481A-A724-9B2F0ADF7850
Commissioner scherr moved
adoption of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2022- 077
RESOLUTION DIRECTING FURTHER DISTRIBUTION
FROM THE ALEXANDER J. ALLEN EDUCATION TRUST
TO YOUTHPOWER 365
DOLLARS FOR SCHOLARS FOR 2022
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 will
be determined through collaborative calculations between Eagle County and YouthPower 365
each year based on the terms of their Memorandum of Understanding; and
WHEREAS, in August, 2022, based on those collaborations, the Board directed that
forty-five thousand dollars ($45,000) from the Allen Trust Fund to be distributed through the
YouthPower 365 Dollars for Scholars Program; and
WHEREAS,YouthPower 365 informed Eagle County that it unintentionally
miscalculated the amount needed to fund Allen Trust Fund scholarship commitments for 2022,
and therefore, an additional thirty thousand dollars ($30,000) is needed for distribution this year;
and
WHEREAS,upon review of supporting information provided by YouthPower 365, the
Board desires to direct the additional $30,000 from the Allen Trust Fund for 2022 Dollars for
Scholars scholarship commitments.
DocuSign Envelope ID:8973D0E6-BCDF-481A-A724-9B2F0ADF7850
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board of County Commissioners directs Wells Fargo, NA, in September,
2022, to release an additional$30,000 from the Allen Trust Fund to the Eagle County
Treasurer, who will pass those funds along to the Higher Education Institutions 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 September, 2022.
DocuSigned b :
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
CaORie
ATTEST
DocuSigned by: "--DocuSigned by:
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Clerk to t8e- rdf44o... _eacIsheQueeney
County Commissioners Chair
DocuSigned by:
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Kathy, r.-Henry
Commissioner
DocuSigned by:
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Commissioner
Commissioner chandler-Henry seconded adoption of the foregoing resolution. The roll
having been called, the vote was as follows:
Commissioner McQueeney Aye
Commissioner Chandler-Henry Aye
Commissioner Scherr Aye
This resolution passed by 3/0 vote of the Board of County Commissioners of
the County of Eagle, State of Colorado
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