§ 39-201. Creation and terms of the Cableland Trust.  

Latest version.
  • There is created hereby a trust to be known and titled as the "CABLELAND TRUST," which may also be known as the "Denver Parks and Recreation Cableland Trust," having the following described attributes, powers, restrictions, and characteristics, and such others as implied or conferred by law not inconsistent herewith:


    Section One

    General Purpose and Use

    The purpose of this trust is to provide for safeguarding and perpetual use by the City and County of Denver ("city") of "Cableland" as described in that certain Cableland Agreement filed with the Clerk and Recorder, ex-officio Clerk of the City, City Clerk's Filing No. 98-071, for the use and benefit of the city and the people of the city that must be used and maintained by the department of parks and recreation as described in the Cableland Agreement. The corpus of the trust shall consist of three million dollars U.S. ($3,000,000.00) as augmented under the Cableland Agreement, none of which, including investment income and other income generated by the property or other sources, may be lent, pledged, or hypothecated for any purpose whatsoever, except in ways consistent with the investment policies of the manager of finance as limited by and described in the Charter of the city and as further limited by the Cableland Agreement. The corpus of the trust must be segregated from other city property and income generated by the trust shall inure to the benefit of the department of parks and recreation ("department") only for the purposes and exclusive uses described in the Cableland Agreement.

    Section Two

    Source of Assets

    The initial source of the funds held in trust derives from a bequest made by Bill Daniels to the city under the terms and conditions set forth in that certain agreement known as the "Cableland Agreement" by and between Bill Daniels, an individual, and the city. The Cableland Agreement, approved and authorized by Ordinance No. 61, Series of 1998, defines the terms and conditions of the bequest, and "Cableland Trust" is the term used herein to include all assets of the trust. All other funds coming into the Cableland Trust shall be similarly devoted to carrying out the purposes and restricted uses of the Cableland Agreement.

    Section Three

    Investment and Application of Trust Assets and Income

    After receipt of the monetary bequest by the city from Bill Daniels and its deposit by the manager of finance into the trust account established hereby, which is not subject to annual appropriation, Fund No. 5643-7010, of the fund plan of the city's fiscal code (section 20-18 of the Code), the manager of parks and recreation ("manager") shall be the expending authority for the income generated by the principal amount which shall be preserved and supplemented in accordance with Cableland Agreement. The manager shall be charged with the responsibility of carrying out the terms and conditions of the Cableland Agreement.

    Section Four

    Restrictions on Use of Trust Assets

    Income from the trust shall not be given to or inure to the benefit of any individual or corporation other than the city in carrying out the Cableland Agreement, except as expressly allowed in the Cableland Agreement. In the event the city ceases to exist, and upon the dissolution of this trust, the city must distribute the assets of the trust to the Daniels Foundation, Denver, Colorado, or if that foundation no longer exists, to any organization having similar purposes which at the time of distribution is one (1) of those organizations specified by the Internal Revenue Code of the United States to which contributions are deductible for federal tax purposes.

    Section Five

    Additional Gifts to Trust

    Other persons or entities may make, with the approval of the manager, gifts of money to fund or augment the Cableland Trust, but such gifts shall be governed in every respect by the terms and conditions of the Cableland Trust and the Cableland Agreement.

    Section Six

    Good Faith Duty

    The manager, as well as the manager of finance, shall be chargeable only with the exercise of good faith in carrying out the provisions of the trust and shall not, in the absence of bad faith, be responsible or accountable for errors of judgment in managing or investing the trust or in making decisions regarding the provisions of this trust.

(Ord. No. 62-98, § 1, 2-2-98; Ord. No. 775-07, § 75, 12-26-07)