Eliza Bryant Village

PART V, LINE 4:

“The village shall establish and maintain a fund (the "endowment fund") to be known as the "eliza bryant village endowment fund". The village may, as determined by the board of trustees from time to time, make regular withdrawals of funds from the endowment fund and apply those funds for the purposes of the village. The board of trustees shall prescribe from time to time the maximum amount to be withdrawn from the endowment fund each year as regular withdrawals. Unless otherwise determined by the board of trustees, the maximum amount to be so withdrawn as regular withdrawals during any year shall be an amount equal one hundred percent (100%) of the income earned during that year or the immediately preceding year on the assets in the endowment fund that has not theretofore been withdrawn. "income" as used herein means interest, dividends and other cash return on investments exclusive of capital gains and other realized or unrealized appreciation of the assets under administration. Loans for operating purposes: the village, as determined from time to time by the board of trustees, may make temporary withdrawals from the endowment fund ("loans") to alleviate short term cash flow limitations. The terms on which the village shall repay any such loans to the endowment fund shall be as determined by the board of trustees at the time the withdrawal is authorized. The maximum amount of all such loans outstanding at any time shall not exceed twenty-five percent (25%) of the total value of the endowment fund. Extraordinary withdrawals: if at any time, due to extraordinary circumstances, the best interests of the village would be served by invading the principal of the endowment fund, the village may withdraw funds from the endowment fund to be used for the purposes of the village without limitation and, specifically, without regard to the limits on regular withdrawals. No such extraordinary withdrawal shall be made until after (a) the executive committee, by action taken upon the affirmative vote of at least three-fourths of the members of that committee then in office, has made a written recommendation to the full board of trustees that such an extraordinary withdrawal be made, citing the reasons therefore, and (b) the full board of trustees, acting at a meeting, has determined, by the affirmative vote (counting only votes cast in person at that meeting, no proxies being allowed for this purpose) of at least two-thirds of all of the trustees then in office, that, taking into account the reasons cited in the recommendation of the executive committee and balancing those reasons against the value to the village of retaining assets in the endowment fund as a source of future income for the village, the extraordinary withdrawal is in the best interests of the village. Restricted endowment funds: the village may from time to time accept bequests, gifts, donations, and contributions of property of any kind for addition to the endowment fund subject to any conditions or restrictions that the testator or donor may impose; provided that the conditions or restrictions so imposed shall be approved and accepted by the executive committee and shall be consistent with and in furtherance of the purposes and within the powers of the village.”