Both the Porter
County Commissioners and the Porter County Council have now decided
unanimously to create a charitable nonprofit foundation to hold proceeds
from the sale of Porter Memorial Hospital.
The Council voted
7-0 to pass the establishing ordinance during their 2016 budget adoption
meeting on Monday while the Commissioners adopted a similar ordinance 3-0 at
their Oct. 27 meeting.
The creation of
foundation is a major step but the Commissioners and the Council still are
deciding how much of the hospital proceeds should be invested. The hope is
that through the foundation, the County will gain a higher rate of interest
to fill gaps in funding for the future.
“It’s time to have
this money start working for all of us,” said Commissioner Laura Shurr
But before that,
both bodies will need to approve the by-laws of the foundation and the
investment policy. Council attorney Scott McClure will report to the Council
later next month on those details.
passed by the Indiana General Assembly this year to allow counties with $50
million or more from the sale of an asset to be invested in a nonprofit
charitable foundation. Counties are required to work with an investment
advisor according to the statute. The Council selected Capital Cities LLC of
Indianapolis in August.
ordinance states that the Board of Commissioners determines the amount of
proceeds to be transferred by the County Council, the County’s fiscal body,
into the foundation. The board would allow the entire remaining sale
principal to be invested except for $10 million which would be available in
case of emergencies.
Members of the
Council and the Commissioners shall serve as trustees of the foundation, the
ordinances states, along with three non-voting advisors.