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In response to Vice Mayor Narum, Mr. McDonald confirmed he reviewed the endowment fund resolution and the agreement with PHA. Jim De Mersman commented positively on Council's support of the museum and on Ms. Jones's gift adding that it is a legacy gift that should go on in perpetuity. He addressed the ability of ALVHS to manage the funds, help maximize the endowment and help it grow over the years. Additionally, he promised to keep the City, fully informed, with at least, an annual report of the state of the endowment and any changes would be subject to approval by their Board, the City Attorney and City Council. In response to Vice Mayor Narum regarding the Endowment Committee, Mr. De Mersman addressed the committee, investment manager and the hiring of an investment management firm. Councilmember Olson spoke regarding the hiring of an investment management firm and Mr. De Mersman noted that one has not yet been hired. In response to Councilmember Brown's question regarding how grants and other funding would be affected, Mr. De Mersman stated that the matter would be addressed with a letter from the City. Councilmember Brown stated she would like to ensure that ALVHS would be able to qualify for grants and other funding. Additionally, Mr. De Mersman commented on the City's ability to audit ALVHS records. Jan Batcheller explained her experience on the Foundation Board of Cal State East Bay and applying for various funds. She spoke in support of having ALVHS manage the endowment funds adding that they would be focused and diligent in following expenditures and investments and using the money, wisely. Christine Bourg stated she was the PHA representative and that having ALVHS manage the endowment, would provide PHA the ability to apply for grants as well. She thanked Council for its consideration and commented on grants provided to various families. She added that she looks forward to partnering with the City to discuss recognizing downtown, commercial buildings/properties. Members of Council commented positively on the endowment and on the agreement including a provision for the museum to include a section preserving the historical information of 309 Neal Street. Vice Mayor Narum indicated she would like to see the endowment committee, defined, as was highlighted by the Director and that the City Manager or his designee, be part of the committee. Councilmember Brown agreed adding that having the City's Finance Director or his designee would be acceptable, as well. She commented on the gift, thanked staff and noted that the gift will provide many benefits to the City. MOTION: It was m/s by Pentin/Brown to approve the proceeds of the Jean P. Jones estate for placement into an endowment managed and utilized by the Amador Livermore Valley Historical Society, to support Ms. Jones' goals of historic building preservation and local history. Motion passed by the following vote: Ayes: Councilmembers Brown, Olson, Pentin, Vice Mayor Narum Noes: None Absent: Mayor Thorne City Council Minutes Page 6 of 7 May 3,2016