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1999-06 Amending Title 3 Revenue/Finance - Fern Fuller FundAN ORDINANCE OF THE KODIAK ISLAND BOROUGH ASSEMBLY AMENDING TITLE 3 REVENUE AND FINANCE OF THE KODIAK ISLAND BOROUGH CODE OF ORDINANCES BY ADDING SECTION 3.04.053 FERN FULLER FUND WHEREAS, there will be contributions from the Fern B. Fuller Charitable Remainder Unitrust; and WHEREAS, the establishment of an expendable trust fund for contributions to the Kodiak Island Borough would provide revenue for the purchase of equipment for Providence Kodiak Island Medical Center; and WHEREAS, this fund would give the Kodiak Island Borough, as recipient of the funds, the authorization to spend all contributed funds for the purposes set forth in the trust agreement; NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH THAT: Section 1: This ordinance is of a general and permanent nature and shall become a part of the Kodiak Island Borough Code of Ordinances. Section 2: Title 3 Revenue and Finance of the Kodiak Island Borough Code of Ordinances is amended as follows: 3.04.053 "Fern ,- Fuller Fund. A. Th eFern Fuller,Fund (Fund) >sa`established as separate fund, distinct fro all other funds, which consists of all ktoritributions received from the Fern B Fuller Charitable Rerr nder Unitrust ( Unitrust) All income from the Unitrust shall be deposited to the Fund The assembly, may, by ordinance, make additional appropriations to the Fund at any .ti ne, which aside from Unitrust proceeds, shall become part of the Fund as a whole and subject %to the regulations of the Fund. B The Fund may be invested Only as provided in section 3.04.020 of this chapter. The Fund may not be ';appropriated or spent, except as provided In this section:.. The earning or rind :shall fat nt Mme fund or supplement the funding of government except as specific 1 >In .this section. Both principle and erning's on principle may spent for the Fund's intended purpose BAs outlined in the Unitrust, each contribution, will be used for puurchase Of health care equ "ipment f ©r the, Kodiak Island; Hospital and ;Care Center > known as Kodiak Island Borough, Alaska KODIAK ISLAND BOROUGH ORDINANCE NO. 99 -06 Introduced by: Requested by: Drafted by: Introduced: Public Hearing: Adopted: Interim Manager Freed Borough Attorney Borough Attorney 07/01/99 07/01/99 07/01/99 Ordinance No. 99 -06 Page 1 of 2 ues 1 Providence. Ko rr v lice fro t asset; Bornu+ D Ilfirus from ATTEST: al Isl In ehos '. en . onnernin utittst ftledical t✓erit�e. 10;excee ` yments Kodiak Island Borough, Alaska C, Borough Clerk valuable bequest (trustee nsideration )Vide th Equipment will be purchased Upon receipt:cf e total amount of.:the payments r eceiver : b the sole property of the . Ida this Find andthe s'. e Borough shall, e wt a ny suggestion a stee ,any 'inf©rrnaticn ..;, . ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH THIS FIFTEENTH DAY OF JULY, 1999 Ordinance No. 99 -06 Page 2 of 2