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Resolution No. 1998-14 RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF CABARRUS COUNTY SUPPORTING THE ESTABLISHMENT OF THE CABARRUS COUNTY PARKS AND RECREATION COMMISSION TRUST FUND WHEREAS, the Cabarrus County Parks and Recreation Commission has determined the need to establish a trust fund to be used for capital improvements in the provision of Park and Recreation services and facilities; and WHEREAS, the Cabarrus County Parks and Recreation Commission has voted unanimously to support the establishment of this trust fund and pledged continued support to promote this trust fund; and WHEREAS, Cabarrus County agrees to maintain and administer the trust fund. NOW THEREFORE; the Board of Commissioners for Cabarrus County does hereby determine and resolve the following: 1. The County shall establish the Cabarrus County Parks and Recreation CommissionTrust Fund. 2. The funds shall be placed in a separate interest bearing money market account, or similar account, to be maintained and administered by the Cabarrus County FinanCe Department. 3. The principal and interest eamed in this trust fund will be utilized for capital improvements, expansion of programs, or as matching funds for grants that will fund similar projects for the Cabarrus County Parks and Recreation Department. 4. Appropriation of these funds shall be made by the Cabarrus County Parks and Recreation Commission with input from the Executive Sub-Committee. 5. Should the Cabarrus County Parks and Recreation CommissionTrust Fund be discontinued for any reason, the balance remaining in the trust fund shall be transferred to the Cabarrus County Parks and Recreation general budget. Meeting in open session, this the day of ,1998. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: (Chairperson) ATTEST: (Clerk)