Title
RESOLUTION ACCEPTING GIFTS FROM INDIVIDUALS, CIVIC GROUPS, CORPORATIONS AND OTHER GROUPS FOR IMPROVEMENTS TO THE CITY PARK KNOWN AS LINCOLN PARK AND ESTABLISHING A DEDICATED ACCOUNT TO RECEIVE THOSE GIFTS.
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to accept the donation of monetary gifts from individuals, civic groups, corporations and other groups and to deposit those gifts in a dedicated account, Fund 210-030-3137-4660 (Special Projects Fund, Finance, Lincoln Park, Gifts and Donations).
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes city officials to accept donations for improvements to the City park known as Lincoln Park and to establish a dedicated account to receive those gifts. Up to $500,000 from the so-called ½ and ½ tax has been preliminarily reserved for improvements to Lincoln Park subject to a 1:1 match requirement. The account authorized by this resolution will hold monetary contributions toward that match requirement. This resolution establishes a dedicated funding account for the project as required by GASB Accounting Standard 54.