Common use of Endowment Fund Clause in Contracts

Endowment Fund. The CITY and the DISTRICT shall request the Mahaska Community Development Group (or its successor) to establish an endowment fund for the benefit of the early childhood and recreation center which endowment fund shall be available for capital expenditures or operational expenses when other revenues or funds available are insufficient to meet the needs of the center. The decision to expend funds from the endowment fund shall be made by the Advisory Committee (established in Paragraph 18 hereof) in consultation with the Operator.

Endowment Fund. The CITY and the DISTRICT shall request the Mahaska Community Development Group (or shall be requested(or its successor) to establish an endowment fund for the benefit of the early childhood and recreation center which endowment fund shall be available for capital expenditures or operational expenses when other revenues or funds available are insufficient to meet the needs of the center. The decision to expend funds from the endowment fund shall be made by the Advisory advisory committeeAdvisory Committee (established in Paragraph 18 hereof) in consultation with the Operator.