FINANCE DEPARTMENT

M E M O R A N D U M

 

To:                  Honorable Mayor and City Commission

 

From:              Richard D. Sala, City Manager

 

By:                  Brian K. Raducci, Finance Director

 

Date:               May 29, 2007

 

Subject:           Dissolution of the Scholarship Trust Fund (Fund #182)

 

 

The Scholarship Trust Fund was established in FY 2002 in order to provide scholarships for the North Lauderdale Academy High School students.  On April 10, 2006, the City Commission approved the closure of the School effective June 30, 2006.  As a result, the City will no longer be able to provide scholarships for the North Lauderdale Academy High School students.

 

As of September 30, 2006, the Scholarship Trust Fund had total cash and investments of $471,043.  The City Administration recommends dissolving the Trust and transferring these funds to the General Fund where they will be utilized to reduce the amount invested by the General Fund for the North Lauderdale Academy High School.

 

Please note that any previously approved Scholarships (approximately $10,000) will continue to be paid for from these funds.

 

In addition, the annual recycling fees of approximately $75,000 that previously went into the Scholarship Trust Fund will now be deposited directly into the General fund with an effective date of October 1, 2007.

RESOLUTION NO. ________

 

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF NORTH LAUDERDALE, FLORIDA, REPEALING RESOLUTION NO. 02-01-4315 ADOPTED JANUARY 8, 2002; DISSOLVING THE DECLARATION OF TRUST CREATED PURSUANT TO RESOLUTION NO. 02-01-4315; DIRECTING THE FUNDS PREVIOUSLY ALLOTTED FOR THE TRUST TO BE PLACED INTO THE CITY’S GENERAL FUND TO BE USED TO PROMOTE THE HEALTH, SAFETY AND WELFARE OF THE CITIZENS AND RESIDENTS OF THE CITY; PROVIDING FOR CONFLICT; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.

 

 

WHEREAS, on January 8, 2002, the City Commission of the City of North Lauderdale, Florida (hereinafter referred to as the “City”) adopted Resolution 02-01-4315, thereby establishing a trust for the provision of scholarships for the North Lauderdale Academy High School; and

WHEREAS, scholarships granted from the trust were awarded to students who, during their time at the North Lauderdale Academy High School, showed substantial improvement in various aspects of their high school performance; and

            WHEREAS, the North Lauderdale Academy High School closed in June 2006; and

            WHEREAS, the City Commission desires to dissolve the trust and transfer the funds previously allocated to the trust into the City’s General Fund to be used to promote the health, safety and welfare of the citizens and residents of the City; and

            WHEREAS, the City Commission deems it to be in the best interests of the citizens and residents of the City to repeal Resolution No. 02-01-4315, dissolve the trust created thereby, and direct the funds previously placed in the trust into the City’s General Fund.

            NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF NORTH LAUDERDALE, FLORIDA, THAT:

            Section 1.        The foregoing “WHEREAS” clauses are hereby ratified and confirmed as being true and correct and are hereby made a specific part of this Resolution upon adoption hereof.

            Section 2.        The City Commission of the City of North Lauderdale hereby repeals Resolution No. 02-01-4315.  The City Commission hereby further dissolves the declaration of trust established thereby and directs all funds previously allocated for the trust into the City’s General Fund to be used to promote the health, safety and welfare of the citizens and residents of the City.

            Section 3.        All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict.

            Section 4.        If any clause, section, other part or application of this Resolution is held by any court of competent jurisdiction to be unconstitutional or invalid, in part or application, it shall not affect the validity of the remaining portions or applications of this Resolution.

            Section 5.        This Resolution shall take effect immediately upon its adoption.

PASSED AND ADOPTED THIS 29th DAY OF May, 2007.

                                                                        CITY OF NORTH LAUDERDALE, FLORIDA

 

                                                                        ____________________________

                                                                        MAYOR JACK BRADY

 

                                                                        ____________________________

                                                                        VICE MAYOR RICH MOYLE

ATTEST:

 

______________________________

DEPUTY CITY CLERK

 

APPROVED AS TO LEGAL FORM:

 

___________________________________

SAMUEL S. GOREN, CITY ATTORNEY

 

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