HomeMy WebLinkAboutR23-031 Distribution from the Alexander J. Allen Education Trust To YouthPower 365 DocuSign Envelope ID:D1D13247-FBBA-42CB-ADF2-4853C4A6463F
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Commissioner McQueeney moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2023- 031
RESOLUTION DIRECTING DISTRIBUTION
FROM THE ALEXANDER J.ALLEN EDUCATION TRUST
TO YOUTHPOWER 365
DOLLARS FOR SCHOLARS FOR THE 2023/2024 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 one hundred five thousand
dollars ($105,000) from the Allen Trust Fund to fund the 2023/24 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 April, 2023, to release one hundred four
thousand dollars ($104,000) from the Allen Trust Fund to the Eagle County Treasurer.
THAT,the Board directs the Treasurer to use an additional one thousand dollars
($1,000)being held in escrow, along with the one hundred four thousand dollars ($104,000)
released by Wells Fargo,NA, in order to pay a total of one hundred five thousand dollars
DocuSign Envelope ID:D1D13247-FBBA-42CB-ADF2-4853C4A6463F
($105,000)to the Higher Education Institutions for the 2023/24 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 16thday of May , 2023.
DocuSigned by:
COUNTY OF EAGLE, STATE OF
Q1 COLORADO, By and Through Its
�-+, �' ` aoRgP BOARD OF COUNTY COMMISSIONERS
ATT ossgned by:
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By.
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Clerk to t eoard of Kathy Chandler-Henry
County Commissioners County Commissioners Chair
r—DocuSigned by:
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Mt�ttE78 thrr1473...
Commissioner
e--DocuSigned by:
3,eatxaeeney
Commissioner
Commissioner scherr seconded adoption of the foregoing resolution. The roll
having been called,the vote was as follows:
Commissioner Chandler-Henry Absent
Commissioner Scherr A�e
Commissioner McQueeney Aye
This resolution passed by 2/0 vote of the Board of County Commissioners of the
County of Eagle, State of Colorado
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