HomeMy WebLinkAboutRes 34-94 10/18/1994 caf
10113/94
RESOLUTION NO. 34-94
a RESOLUTION DIRECTING MOUNT PROSPECT DELEGATE
TO THE CULTURAL TRUST COOPERATIVE TO APPROVE THE
DISSOLUTION OF THE CULTURAL TRUST COOPERATIVE AND
TO PROVIDE FOR WAIVER OF CERTAIN TERMS
WHEREAS, the Mayor and Board of Trustees of the Village of Mount Prospect have
made due inquiry into the advisability of dissolving the Cultural Trust Cooperative as
established on February 9,1993; and
WHEREAS, the Mayor and Board of Trustees of the Village of Mount Prospect have
determined that it is in the best interests of the Village to support dissolution of the
Cultural Trust Cooperative; and
WHEREAS, the Mayor and Board of Trustees of the Village of Mount Prospect
adopted Resolution No. 16-94, which Resolution expressed the preliminary
understanding relative to the dissolution of the Cultural Trust Cooperative; and
WHEREAS, there is no reason to delay the effective date of the dissolution to June
30,1995, as called for in the Mount Prospect Cultural Trust Cooperative Agreement;
and
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: The Village of Mount Prospect delegate to the Cultural Trust
Cooperative is hereby directed to approve the dissolution of the Cultural Trust
Cooperative according to the terms set forth in the original Agreement.
SECTION TWO: The waiver of the required waiting period for final dissolution as set
forth in the Mount Prospect Cultural Trust Agreement, paragraph VI (A) is hereby
approved.
SECTION THREE: That this Resolution shall be in full force and effect from and after
its passage and approval in the manner provided by law.
AYES: Hendricks, Hoefert, Skowron, VVilks
NAYS: None
ABSENT: Clowes, Corcoran
PASSED and APPROVED this 18th day of October, 1994.
Carol A. Fields
Village Clerk
TATE OF IOWA )
)
COUNTY OF POLK )
On this llth day of November, 1994, before me, a Notary Public in and for said
County, personally appeared Ronald B. Franklin and D.L. Neppl to me personally known to
be the identical persons whose names are subscribed to the instrument, who be'rog each by me
duly sworn did say that they are the D'trector & Secretary and Assistant Director & Secretary,
respectively, of PRINCIPAL MUTUAL LIFE INSURANCE COMPANY, an Iowa
corporation, and that the seal affixed to the said instrument is the seal of said corporation, and
that said instrument was signed and sealed on behalf of the said corporation by authority of its
Board of Directors, and the aforesaid officers each acknowledged the execution of said
instrument to be the voluntary act and deed of said corporation, by it and by each of them
voluntarily executed.
Notary Public in and for Polk County Iowa
RESOLUTION FOR
PLAN OF DISSOLUTION
PREAMBLE
On February 9, 1993, Mount Prospect Public School District #57, the Mount
Prospect Public Library, the Mount Prospect Park District and the Village of Mount
Prospect ("Parties") entered an agreement entitled the Mount Prospect Cultural Trust
Cooperative Agreement ("Agreement") for the purpose of establishing an agency to
promote and oversee cultural events for the constituents of the Parties and the general
public. The Parties individually and collectively now believe that this purpose can be best
served outside the restriction,s of a formal intergovernmental agency and have therefore
determined that the Mount Prospect Cultural Trust Cooperative should be dissolved and
the Agreement should be null and void upon the restoration of the initial capital
contributions, together with accrued interest, to the respective contributors. Further, the
Parties have agreed to waive the requirements that no action with respect to dissolution
be taken prior to January 1st and that no dissolution is affective prior to the date of June
30th as set forth in paragraph VI of the Mount Prospect Cultural Trust Cooperative
Agreement.
No programs were undertaken by the Mount Prospect Cultural Trust Cooperative,
no escrow or special project accounts were established and no contract with any other
person or agencies are in effect. Therefore, there is no need to establish a plan for
winding up such matters.
BE IT THEREFORE RESOLVED that the intergovernmental agency, known as the
Cultural Trust Cooperative, as established by the Agreement of February 9, 1993, together
Resolution No. 34-94 10/18/94
ith its Board of Trustees and various committees, is hereby dissolved. Further, the
Agreement shall be of no further force and effect upon the restoration of the contributions
of the parties as set forth in Exhibit "1".
DATED:
BOARD OF TRUSTEES
Delegate for Mount Prospect School District #57
g~ele~'at~f0r Mount Pro~p'~-~Public Library
Delegate for Mount Prospect Park District
Delegate/f'or the Village of Mount Prospect
WAIVER OF TERMS
WHEREAS, the Board of Trustees of the Mount Prospect Cultural Trust Cooperative
have determined that the Mount Prospect Cultural Trust Cooperative should be dissolved;
and
WHEREAS, no programs were undertaken by Cultural Trust Cooperative and no
escrow or special escrow accounts were established and no contract with any other
persons or agencies are in effect; and
WHEREAS, it has been determined that there is no reason to delay the dissolution
of the Cultural Trust Cooperative.
The Board of Trustees hereby waives the requirements of paragraph VI(A) requiring
the delay of dissolution to June 30, 1995.
DATED: .,.~(2.-. Ih. Iq~Cr'/
BOARD OF TRUSTEES
Delegate for Mount Prospect School District #57
unt Prospect'-P"ublic Library
Delegate for Mount Pr0s~)ect Park District
Delegate for/the Village ~f IVl'~a'~Prospect