HomeMy WebLinkAbout11104 - NB City Scholarship ProgramRESOLUTION NO. 11104
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH ACCEPTING A GIFT FROM
COUNCILMAN AND MRS. DONALD A. STRAUSS FOR
THE ESTABLISHMENT OF "THE NEWPORT BEACH CITY
SCHOLARSHIP PROGRAM" FOR CHILDREN OF
EMPLOYEES OF THE CITY OF NEWPORT BEACH
WHEREAS, there has been presented to the City Councl of
the City of Newport Beach, by Councilman and Mrs. Donald A.
Strauss, the offer of a gift to the dependents of employees of
the City of Newport Beach, said gift: being 350 shares of Beckman
Instruments, Inc. stock; and
WHEREAS, the purpose of this gift is to enable the City
of Newport Beach to set up a scholarship program for dependents
of employees of the City of Newport Beach; and
WHEREAS, it is proposed that the City of Newport Beach
sell the shares of stock at the current market value and invest
the capital funds received therefrom, from which the interest
earned thereon shall be used to fund said scholarship program;
and
WHEREAS, it is proposed that the program be
administered by the City Manager's office; further, that three
Admissions Officers be selected from three educators who are
familiar with admission standards at four -year universities to
make the actual selection of dependents to whom the scholarship
funds shall be distributed, and
WHEREAS, the Finance Director will be responsible for
receiving the endowment properties and /or funds to invest and
administer in the most prudent manner; and
WHEREAS, an annual report shall be prepared by the
Finance Director and the City Manager and shall be submitted on
• or before the 1st day of July of each year to the donors,
Councilman and Mrs. Donald A. Strauss and members of the City
Council of the City of Newport Beach.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Newport Beach that it is in the best interests of the
employees of the City of Newport Beach to accept this gift;
BE IT FURTHER RESOLVED by the City Council of the City
of Newport Beach that the NEWPORT BEACH CITY SCHOLARSHIP PROGRAM
be and hereby is established under the terms and conditions as
provided therein, a copy of which is attached hereto as Exhibit
"A" and incorporated herein by reference.
. ADOPTED this 14th day of December , 1981.
AT� ST: )
City Clerk
12/14/81
PR
•I*
NEWPORT BEACH CITY SCHOLARSHIP PROGRAM
THE AWARD. An annual award of $1,500 to a child of an employee
of the City of Newport Beach who, as a graduating senior from a
high school or a graduating community college second year student,
is applying to a four -year accredited university.
CRITERIA FOR SELECTION. Scholastic; standing, leadership at school
and /or the community, an essay not exceeding 500 words on career
and life plans, and financial need will be the criteria for selec-
tion.
FUNDING. Funding to capitalize the endowment for the annual
award will be supplied by Councilman Donald A. Strauss and Dorothy
Strauss. If interest and /or dividends from the endowment are in-
sufficient to equal the $1,500 annual award, additional funds may
be contributed by Councilman Donald A. Strauss and Dorothy Strauss,
or by others who may wish.to participate.
SELECTION PROCESS. The actual selection each year shall be made
by three educators who are familiar with admission standards at
four -year universities. The admissions officers at UCI, Cal State
Fullerton and Cal State Long Beach are suggested. Admissions of-
ficers from other public or private colleges and universities may
be used if any of the three mentioned are not available.
ADMINISTRATION OF THE PLAN. The program shall be administered by„
the City Manager's Office. Responsibilities and duties include -
Page -2-
annually advising employees about the scholarship program, pro-
viding application forms, securing grade transcripts, if necessary,
• and organizing the
annual
meeting of the
Selection Committee.
The
Selection Committee
shall
meet during the
first week of April
of
each year to make the selection. The Finance Director will be
responsible to receive the endowment properties and /or funds and
to invest and otherwise administer said properties and /or funds
in a prudent manner. He shall provide the annual scholarship pay-
ment and an honorarium for the Selection Committee. An annual
report by the Finance Director and the City Manager shall be sub-
mitted on or before July 1st of each year to the City Council and
to Councilman Donald A. Strauss and Dorothy Strauss.
AWARDS UNDER UNUSUAL CIRCUMSTANCES. Should there be no applicants,
or if none of the applicants are selected by the Selection Committee
in any one year, no award need be made. If in any subsequent year
there are two closely matched applicants with outstanding qualifica-
tions, two awards may be made,thereby using the funds not awarded
in a prior year.
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