12/27/71 Board of Public Works Minutes

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12/27/71 159 educational purposes which will benefit the general public of said City of South Bend in particular and that in so doing the use of the funds will serve as a fitting community and civic memorial to the Muessel and Ellison families; and "WHEREAS, the City of South Bend is currently en- gaged in the development of a Civic Center, generally located within an area bounded by !Jayne Street on the south, St. Joseph Street on the west, Colfax Avenue on the north and the St. Joseph River on the east; and "WHEREAS, it has been proposed that an art center and exhibition hall be erected within said Civic Center with funds to be raised by public contribution; "NOW, THEREFORE, in consideration of the foregoing and of the mutual promises hereinafter contained, it is agreed by and between the parties as follows: 1. City agrees to establish a special fund, to d{ be known as "The Civic Center Development r_q Donation Fund" for the purpose of receiving donations from the Trustee or from any other U person or entity which might care to donate U funds for a like purpose. 2. Trustee agrees to make an initial donation of $100,000.00 on or before the 31st day of December, 1971, for deposit in said fund. 3. The said special fund shall be a continuing fund and under no circumstances shall the monies deposited therein revert to the general fund of the City. 4. City is hereby authorized to invest any monies on deposit in said fund in any manner deemed appropriate by it and authorized.and permitted by the statutes of the State of Indiana. 5. All interest or other income received from the investment of monies on deposit in said fund shall be added to the principal and used for the same purposes as herein specified. 6. It is the intention of the parties that said special fund shall be used or committed within five (5) years from the date hereof for the construction and improvement of an art center and exhibition hall within the said Civic Center as a primary purpose and objective; if, however, five (5) years after the date hereof, in the opinion of Trustee, it appears that insufficient progress has been made towards the achievement of said primary purpose and objective, the Trustee may, at its sole election, designate some other use to be made of all funds which may by then have been donated by it to said fund, together with any income additions thereto, which alternate use must, nevertheless, fall with- in the purposes set forth by the settlers of the Muessel-Ellison Memorial Trust Foundation. 7. Said fund may be expended only for capital im- provements and may not be expended to cover operating expenses, operating deficits, or for ordinary maintenance and repairs.