HomeMy WebLinkAboutCC Reso No 2019-009 Graves ScholarshipRESOLUTION NO. 2019-009
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, REGARDING THE ADMINISTRATION OF THE CARL GRAVES
ENDOWMENT SCHOLARSHIP FUND
Whereas, Carl Fred Graves, age 91, passed away on August 26, 2014 while living in Hemet,
California; and,
Whereas, Mr. Graves served as City Treasurer to the City of Lake Elsinore from 1983 to 1986,
served in the United States Army during World War II, and was widely recognized for his
contribution as a teacher within the Lake Elsinore school system; and,
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 4 -year college
scholarship."
Whereas, the City Council of the City of Lake Elsinore desires to establish an agreement with
The Community Foundation, the 75 -year old Riverside Community Foundation, to invest and
manage the Endowment Fund in accordance with the California Uniform Management of
Institutional Funds Act (and any future California laws concerning institutional endowment
funds); and,
Whereas, the City of Lake Elsinore recognizes the great scholarship work of the Elks Lodge
2591, the Rotary Club, the Elsinore Valley Educational Foundation, and the Elsinore Woman's
Club; and,
WHEREAS, this is indeed a remarkable gift to the Lake Elsinore community. The City Council is
honored to have this opportunity to implement Mr. Graves' wishes and administer his legacy to
support local students' dreams.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE DOES HEREBY
RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1: The City of Lake Elsinore assigns, conveys, transfers and delivers funds currently held
in a City trust account in the approximate amount of $1,032,829.78 to The Community Foundation
for the Carl Graves Endowment Scholarship Fund. The City of Lake Elsinore LEUSD/City
Subcommittee Members appointed by the Mayor will judge the applications and recommend
awardees, in accordance with the policies and procedures of the Community Foundation.
Distributions from the Fund shall be for scholarships for needy and deserving graduates of Lake
Elsinore Unified School District high schools. In addition to other requirements, applicants shall
submit a non-academic reference letter as well as evidence of community service contributions
of time, talent or treasure. The inaugural scholarship fund shall begin disbursements for students
beginning college in Fall of 2019 and amount to three four-year scholarships of $4,000 (one per
high school) and one four-year scholarship of $6,000 for a college ROTC candidate to be awarded
CC Reso. No. 2019-009
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in spring each year. Each Carl Graves' Scholar will each have a local mentor who will aid and
assist the student throughout their education.
Section 2: City Staff shall transfer the funds to The Community Foundation.
Section 3: City Staff shall perform annual scholarship application solicitations, coordinate
application reviews by the City Council advisory committee, and present recommendations for
consideration by the City Council. City staff shall seek and coordinate volunteer mentors for each
Carl Graves' Scholar.
Section 4: This Resolution shall take effect immediately upon its adoption.
Passed and Adopted this 26th day of
Attest:
Mark Mahan
Deputy City Clerk
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Mark Mahan, Deputy City Clerk of the City of Lake Elsinore, California, do hereby certify that
Resolution No. 2019-009 was adopted by the City Council of the City of Lake Elsinore, California,
at the regular meeting of February 26, 2019 and that the same was adopted by the following vote:
AYES: Council Members Sheridan, Johnson, and Magee; Mayor Pro -Tem Tisdale and Mayor Manos
NOES: None
ABSENT: None
ABSTAIN: None
Mark Mahan
Deputy City Clerk