Subject: 19244/Agmt/Bd of Ed-Comm Foundation/Scholarship Program Funding
Date: Fri, 22 Nov 1991 15:31:00 -0500


                               RESOLUTION NO. 19244
                  
                  
                   A RESOLUTION AUTHORIZING THE MAYOR TO
                   EXECUTE AN AGREEMENT WITH THE BOARD OF
                   EDUCATION AND/OR THE COMMUNITY FOUNDATION TO
                   PROVIDE FOR SCHOLARSHIPS TO QUALIFIED AND
                   DESERVING STUDENTS FROM THE INCOME TO BE
                   DERIVED FROM THE CITY ESTABLISHING IN ITS
                   FUND BALANCE AN ENDOWMENT TO BE CREATED BY
                   THE ACCUMULATION OF ONE MILLION DOLLARS
                   ($1,000,000.00) PER YEAR FOR EACH OF THE
                   NEXT SEVEN (7) YEARS, AS CONSIDERATION FOR
                   THE COMMUNITY FOUNDATION RAISING AN
                   ENDOWMENT FUND WHICH WILL MATCH THE CITY
                   FUNDS ON A TWO-FOR-ONE BASIS FROM WHICH THE
                   INCOME THEREON WOULD LIKEWISE BE USED FOR
                   SCHOLARSHIP PURPOSES.
                  
                  
                                                    
                  
                  
       	    	 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
       CHATTANOOGA, TENNESSEE, That the Mayor be and is hereby 
authorized
       to execute an Agreement with the Board of Education and/or the
       Community Foundation to provide for scholarships to qualified and 

       deserving students from the income to be derived from the City
       establishing in its Fund Balance an endowment to be created by 
the
       accumulation of One Million Dollars ($1,000,000.00) per year for
       each of the next seven (7) years, as consideration for the
       Community Foundation raising an Endowment Fund which will match
       the City funds on a two-for-one basis from which the income
       thereon would likewise be used for scholarship purposes.
      
       ADOPTED:  November 26, 1991  
      
       RLN:cjc