HomeMy WebLinkAboutCC Reso No 2016-054 Accepting Funds from the Family trust of Carl F. GravesRESOLUTION NO. 2016 - 054
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, ACCEPTING FUNDS FROM THE
FAMILY TRUST OF CARL F. GRAVES AND ESTABLISHING
THE CARL F. GRAVES SCHOLARSHIP FUND
WHEREAS, Carl Fred Graves, age 91, passed away on August 26, 2014, while living in
Hemet.
WHEREAS, Mr. Graves served as City Treasurer to the City of Lake Elsinore from 1983
to 1986 and was widely recognized for his contribution as a teacher within the Lake Elsinore
school system.
WHEREAS, Mr. Graves executed a document entitled "Family Trust of Carl F. Graves"
which provides for a "fundamental distribution" of the trust estate, share, property, and assets to
be "first" distributed as follows:
"City of Lake Elsinore for the purpose of setting up a trust fund to provide a
scholarship in the name of the trustor to a needy and deserving graduate of the
Lake Elsinore School system for purpose of providing a four -year college
scholarship."
WHEREAS, the trustee for the trust estate, acting through their attorney, has informed the
City that they are now ready to distribute the funds and conclude the business of wrapping up the
estate.
WHEREAS, the City Council of the City of Lake Elsinore desires for the City to accept the
funds from the Family Trust of Carl F. Graves, direct that the funds only be spent in accordance
with the direction of the above - referenced trust directive, direct the City Manager prepare a
program for selecting needy and deserving students, and seek final authorization for that program
from the City Council.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
RESOLVES, DETERMINES AND ORDERS AS FOLLOWS:
SECTION 1. The Council finds and determines that the foregoing recitals are true and
correct.
SECTION 2. The Council hereby directs the Director of Community Services to establish
a separate fund entitled the "Carl F. Graves Scholarship Fund."
SECTION 3. The Director of Community Services is further directed to request that the
trustee of the Family Trust of Carl F. Graves transfer the trust's assets set aside for the above -
referenced scholarship fund to the City of Lake Elsinore and that such funds be deposited in the
Carl F. Graves Scholarship Fund.
SECTION 4. Funds set aside in the Carl F. Graves Scholarship Fund shall only be used
as follows:
Reso No. 2016 -054
Page Two
For the purpose of setting up a trust fund to provide a scholarship in the name of
the trustor to a needy and deserving graduate of the Lake Elsinore School system
for purpose of providing a four -year college scholarship.
SECTION 5. The Council hereby directs the City Manager to prepare a scholarship
program and guidelines for the administration of the Carl F. Graves Scholarship Fund including a
selection process for recipients of the fund. Such program shall be submitted to the City Council
for consideration and final approval.
SECTION 6. This Resolution shall take effect from and after its adoption.
PASSED AND ADOPTED on this 26th day of April, 2016.
ATTEST:
Susan M. Domen, MMC
City Clerk
Briari'-Tisdaid, Mayor
AP ROVED AS FO
arbara Leibold
City Attorney
STATE OF CALIFORNIA }
COUNTY OF RIVERSIDE } ss.
CITY OF LAKE ELSINORE }
I, Susan M. Domen, MMC, City Clerk of the City of Lake Elsinore, California, do hereby certify
that Resolution No. 2016 -054 was adopted by the City Council of the City of Lake Elsinore,
California, at the regular meeting of April 26, 2016, and that the same was adopted by the
following vote:
AYES: Council Members Hickman and Manos, Mayor Pro Tern Magee and Mayor Tisdale
NOES: None
ABSENT: Council Member Johnson
ABSTAIN: None
Susan M. Domen, MMC
City Clerk