HomeMy WebLinkAboutContracts & Agreements_39-1985_CCv0001.pdf AGREEMENT OF ENDOWMENT
SIMONDS PARKWAY
I . Priscilla Alden Simonds , do hereby grant to the City of
Redlands, a Municipal Corporation, within the County of San Bernardino
and State of California, the sum of Ten Thousand Dollars
($--j-01000 —)
and to its successors forever, for the uses, purposes, and conditions
as set forth herein:
1. Provided always, this gift of endowment shall remain the
responsibility of the City of Redlands.
2. The principal sum, as described above, shall be placed into
an interest bearing account.
3. The interest generated from the endowment may be utilized by
the City for the following purposes:
a) The interest generated on a per annum basis may be
applied to the principal sum so as to encourage a higher
yield of interest.
b) The interest generated on a per annum basis may be
expended for the purpose of providing maintenance,
materials and equipment solely at the Simonds Parkway.
c) All interest generated on a per annum basis shall be
reported at a regularly scheduled meeting of the Redlands
Parks Commission during the month of July, annually.
4. Provided always , this gift is made upon the express
conditions that the principal may never be used for any other
purpose as described hereinabove.
PROVIDED ALWAYS this gift shall become null and void should the City
not abide by the conditions set forth in this agreement and the full
sum of money described herein shall revert back to Priscilla Alden
Simonds or her heirs.
IN WITNESS WHEREOF the said parties agree and have hereunto set their
hands this -OVk -
day of 1985.
V
J E. Holmes Priscilla Alden Simonds
C fty Manager Donor
Michael Reyno, ',-'Afiorney for Donor
City Treasurer
Loriiee' kyzer, -- Clerk City Seal