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RESOLUTION
RE: CREATION OF A TRUST FUND FOR ECONOMIC DEVELOPMENT EFFORTS IN
WELD COUNTY
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the County wishes to adopt a resolution creating the Weld County
Economic Development Trust Fund to provide funding for economic development efforts in
Weld County, and
WHEREAS, the Board of Weld County Commissioners wishes for the unused funds
earmarked for personal property tax credits that are no longer committed to a specific company
to be used to fund the Weld County Economic Development Trust Fund, and
WHEREAS, the Director of Budget and Management Analysis has informed the Board of
Weld County Commissioners that $1,927,404 is available to be transferred to the Weld County
Economic Development Trust Fund, and
WHEREAS, the Board of Weld County Commissioners wishes for the funds in the Weld
County Economic Development Trust Fund to be used to promote economic development
efforts in the county, and
WHEREAS, the Board of Weld County Commissioners, in the creation of this trust fund,
do allow that in the event of a financial emergency or in the event that there is not a sufficient
need for the funds for economic development purposes, by a two-thirds vote of the Board of
Weld County Commissioners, all or some of the funds may be transferred to the Weld County
General Fund to be used for general county purposes.
NOW, THEREFORE, BE IT RESOLVED pursuant to the authority granted to the Board
of Weld County Commissioners, there shall be created and established for Weld County the
Weld County Economic Development Trust Fund to be used to promote economic development
efforts in the county.
BE IT FUTURE RESOLVED, the Board of Weld County Commissioners hereby directs
that unused funds earmarked for personal property tax credits that are no longer committed to a
specific company be transferred by the Controller from the General Fund to the Weld County
Economic Development Trust Fund in the amount of$1,927,404 immediately.
BE IT FUTURE RESOLVED, the Board of Weld County Commissioners, in the creation
of this trust fund, do allow that in the event of a financial emergency or in the event that there
are not sufficient needs for the funds for economic development purposes, by a two-thirds vote
of the Board of Weld County Commissioners, all or some of the funds may be transferred to the
Weld County General Fund to be used for general county purposes.
2011-3183
I- \ci\ I a AC 0005
• • •
CREATION OF A TRUST FUND FOR ECONOMIC DEVELOPMENT EFFORTS IN WELD
COUNTY
PAGE 2
BE IT RESOLVED by the Board of Weld County Commissioners that the Weld County
Treasurer shall establish the Weld County Economic Development Trust Fund (Fund 7022) on
his books, and the trust fund shall be an interest earning trust fund.
BE IT RESOLVED by the Board of Weld County Commissioners that funds can only be
withdrawn from this trust fund by a resolution of the Board of Weld County Commissioners
specifying the amount and purpose of the withdrawal.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 14th day of December, A.D., 2011.
BOARD OF COUNTY COMMISSIONERS
--�y WELD COUNTY, COLORADO
ATTEST: CgGk„�l• ,J .7„ __ 1y2 z-
arbara Kirkmeye , Chair
Weld County Clerk to the Board
Eft „ EXCUSED
% an P. Conway Pro-Tem
BY:
Deputy Cle i? to the Boar
F. Ga is
APPR . RM: ICOU � "J C J• I
David E. Long V
u ttorney �tY 7
`Dbugla Rademacher
Date of signature: /- I g
2011-3183
A00005
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