Title
Green Space Perpetual Care Trust Fund
Body
Whereas, in September of 2005, Rochester Hills’ residents passed a 0.3 mill 10-year millage to acquire and preserve natural green space in the community, and
Whereas, Rochester Hills City Council created a special revenue fund for these assets and established a nine member Green Space Advisory Board to develop strategies and make recommendations regarding the expenditure of the millage funds, and
Whereas, in November of 2013, Rochester Hills residents voted to approve revising the permissible use of the tax revenues derived from the millage, so that the tax revenues may also be used for the stewardship of the green space properties, which includes the protection, care and maintenance of, and to improve pedestrian accessibility to and within the green spaces properties owned, acquired or controlled by the City, and
Whereas, the Green Space Advisory Board believes that stewardship responsibilities for Green Space defined properties should be an on going process lasting for many generations into the future, and
Whereas, the Green Space Advisory Board believes that using available Green Space generated principle to pay for stewardship activities will not provide for the multi generational funding source needed to provide stewardship for Green Space defined properties into the future, and
Whereas, the Green Space Advisory Board is recommending that a perpetual care trust fund be formed so that earnings from certain Green Space generated principle be used to provide that long-term funding source for multi generational stewardship activities, and
Now, Therefore, the Green Space Advisory Board, working in coordination with the City’s Finance Director and the City’s Retirement Attorney, have completed the trust documents, as amended, needed to meet their desired goal, and
Be It Resolved, the Green Space Advisory Board supports and recommends the creation of the perpetual care trust fund to provide a permanent fund...
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