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WHEREAS, in the meantime, while the City undertakes Project design and <br /> feasibility in compliance with applicable laws as well as City plans and Project <br /> timing, which is yet to be determined by the City Council, a fund in the amount of <br /> $250,000 will be created with the anonymously donated funds for the purposes <br /> established herein at the FM Area Foundation, and the City will request these <br /> funds in the future as needed to cover expenses for the Projects to the extent <br /> they are designed, approved, funds are determined sufficient, and contracts are <br /> awarded by the City Council for the construction of one or more of the Projects in <br /> the future. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PEQUOT <br /> LAKES, MINNESOTA that the donation described above is hereby graciously <br /> accepted by the City of Pequot Lakes and shall be used as requested by the <br /> Donor under the terms and conditions expressed herein. <br /> BE IT FURTHER RESOLVED, that the City Council expresses its gratitude to the <br /> Donor of the gift. <br /> Adopted by the City Council of the City of Pequot Lakes this 2nd day of August, <br /> 2016. <br /> David Sjoblad <br /> Mayor <br /> ATTEST: ,_ <br /> Nancy Matecha <br /> City Administrator/Clerk <br />