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Brentwood City Commission Agenda

Meeting Date:	07/09/2018
Resolution 2018-54 - Authorizing the Creation of the Holt Trust Account and Adopting Guidelines for Its Use
Submitted by:	Susan Earl, Library
Department:	Library

Information

Subject

Resolution 2018-54 - Authorizing the Creation of the Holt Trust Account and Adopting Guidelines for Its Use

Background

In October 2017, the City of Brentwood gratefully accepted a generous bequest of approximately $4.2 million from the estates of Mrs. O'Delle Holt and Mr. Charles Witherspoon. The donation was made in honor of Mrs. Holt's late husband, Mr. John Page Holt. With the adoption of Resolution 2017-78, the library was renamed the "John P. Holt Brentwood Library", and the funds were held pending further authorization from the City Commission. In January 2018, the City Commission authorized a small expenditure of funds necessary to complete the renaming of the library.

The John P. Holt Brentwood Library Board has drafted and approved the attached policy recommendation that, if adopted by the City Commission, will serve to guide the disposition of the Holt bequest. The attached Holt Account Guidelines will serve as a framework for future decisions regarding the investment of the proceeds and utilization of both principal and interest from this account. A review of the policy will be conducted at least annually by both the Library Board and City Commission.

Please contact the Library Director or Assistant City Manager with any questions.

Staff Recommendation

Staff recommends approval of the the attached resolution.

Previous Commission Action

January 22, 2018, the City Commission authorized certain expenditures from the Holt account to complete the renaming of the Library.

October 26, 2017, Resolution 2017-78 accepting the bequest from the estate of O'Delle K. Holt and authorizing the renaming of the Library as "The John P. Holt Brentwood Library," was adopted by the City Commission

Fiscal Impact

Amount :
Source of Funds:
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Fiscal Impact:

This action does not directly authorize any expenditures from the Holt bequest.

Attachments
Res 2018-54
Holt Account Guidelines
Signed Resolution