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Elizabeth endowment created

Elizabeth endowment created
Elizabeth endowment created
Elizabeth Clerk-Treasurer Hugh Burns, left, and Elizabeth Town Council President Alan Worrall sign paperwork to create an endowment for the town with the Harrison County Community Foundation. Photo by Ross Schulz

The Elizabeth Town Council and Clerk-Treasurer Hugh Burns Monday morning made the creation of an endowment fund official with the Harrison County Community Foundation.
Burns said the creation of the endowment has been discussed for several months.
‘With the community foundation offering a $50,000 match, it is too good a deal to pass up,’ he said.
Burns said the fund has the potential to increase Elizabeth’s General Fund revenue by 150 percent.
He said the main benefit of the endowment and extra revenue is the town will be able to offer residents free trash pick-up service.
‘Future plans of the town include using 80 percent of its riverboat revenue in the form of a loan to the Elizabeth water utility to be used to pay off the utility bond debt four years ahead of schedule, thus saving $44,000 in interest on the bond debt,’ Burns explained.
Burns and board president Alan Worrall (at-large representative) presented a check to the Foundation and signed documents Monday to make the endowment fund official.
Burns said the fund is set up with the same language as Harrison County’s community fund with the Foundation.
It states:
‘The fund shall provide support to the public purposes and municipal programs of the town of Elizabeth … such purposes shall include, but not be limited to, lessening the burdens of government, maintaining and erecting public buildings, monuments, or works in Elizabeth, all of which shall be recognized as constituting and falling within the purposes of the town government … ‘