HomeMy WebLinkAbout(1994, 01/24) - F-16 - AdoptedACKERMAN TRUST
PURPOSE:
F -16
To establish City policy for the distribution of the proceeds of the income from
the Ackerman Property.
POLICY:
Per the terms of the Carl Ackerman Family Trust, the proceeds of the lease
revenue for certain property in McFadden Square is to be divided between the
University of California, Irvine, and the City of Newport Beach. The proceeds
are to be distributed as follows:
Sixty (60) percent of the proceeds are to be distributed to the University of
California, Irvine, to be used for scholarship funding for needy qualified
students.
Forty (40) percent of the proceeds are to be distributed to the City of Newport
Beach to be used in the following manner:
Seventy-five (75) percent of the City's share shall be used to acquire high -
tech library equipment
Twenty-five (25) percent of the City's share shall be used for scholarship
funding for needy qualified students.
The following procedures are established to meet the terms of the Ackerman
Trust
The City shall deposit all proceeds from the lease of Ackerman property into an
expendable trust fund. Periodic payments shall be made from this expendable
trust fund, to the University of California, Irvine, in the amount of sixty (60)
percent of the proceeds. Periodic payments shall be made from this expendable
trust fund to the City of Newport Beach Library Fund in the amount of thirty
30) percent of the proceeds to be used for the acquisition of high tech library
equipment Periodic payments shall be made from this expendable trust fund to
the City of Newport Beach Scholarship Fund in the amount of ten (10) percent of
the proceeds to be used for scholarship funding for needy qualified students.
C
F -16 •
It shall be at the City's discretion what high tech library equipment to acquire,
and how to award the scholarship funds to needy qualified students.
Adopted -January 24,1994