HomeMy WebLinkAbout(2001, 05/08) - F-16 - Amendedy.3oq
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ACKERMAN TRUST
PURPOSE
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. This scholarship fund shall be open
to children of City employees and to a child who resides in Newport
Beach.
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.
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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
Amended - May S, 2001
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