Presenter
Presented by Mr. Motznik
Title
Resolution providing for the establishment of a Mellon Park Tennis Trust Fund for the purpose of holding in trust all monies collected from the Mellon Park Seasonal Support Structure.
Body
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Mayor, the Controller, the Director of Parks and Recreation, and the Treasurer of the City of Pittsburgh are authorized, on behalf of the City of Pittsburgh, to establish the Mellon Park Tennis Trust Fund.
Section 2. Such Mellon Park Tennis Trust Fund shall hold all monies received from the income of revenues from the Mellon Park Seasonal Support Structure to supplement the payment of the six-year amortization of the capital lease and future maintenance and improvements to the Mellon Tennis Program.
Section 3. The funds received shall be used to supplement the yearly payment of the six-year amortization capital lease to the American Express Business Finance (AMEX) and for future maintenance and improvements to the Mellon Tennis Program.
Section 4. Solely the Department of Parks and Recreation shall draw upon the Mellon Park Tennis Trust Fund.