City of Somerville header
File #: 190348    Version: 1
Type: Mayor's Request Status: Approved
File created: 10/26/2010 In control: City Council
On agenda: 10/28/2010 Final action: 2/24/2011
Enactment date: 2/24/2011 Enactment #: 190348
Title: Requesting approval to establish a Private-Purpose Trust Fund for the activities of the SomerPromise Program.
Code sections: Appropriation/Budget -
Attachments: 1. City Solicitor opinion on revolving fund vs. private-purpose trust funds, 2. Purpose of the SomerPromise Trust, 3. SomerPromise Trust Final Approved Document

  Agenda Text

title

Requesting approval to establish a Private-Purpose Trust Fund for the activities of the SomerPromise Program.

 

body

Official Text

To the Honorable Board:

 

I respectfully request approval to establish a private-purpose trust fund for the SomerPromise Program. The SomerPromise Trust Fund will receive donations and grants from a variety of sources to provide services deemed critical for the success of Somerville children and youth.

 

A detailed purpose description of the Trust is attached.

 

Respectfully,

 

Joseph A. Curtatone

Mayor

 

 

Amended

At Article 2, included service to all Somerville children 0-18 years old.

At Article 3, incorporated an Alderman on the Board of Trustees.

At Article 13, amended the mechanism for termination of the Trust.