Finance Committee

Finance Committee - 4/17/2019 Page 18

Finance Committee - 4/17/2019 Page 17

Mayor Donchess

Yeah | didn’t see it either actually.

Mr. Cummings

If | may | have it front of me because that’s Resolution 18-073 which is later on in your agenda.

Mayor Donchess

Yes, right, right.

Alderwoman Kelly

I'll withdraw that.

There being no objection, Mayor Donchess accepted the communication and placed it on file.
UNFINISHED BUSINESS — None

NEW BUSINESS — RESOLUTIONS

R-19-129

Endorsers: Mayor Jim Donchess

Alderman-at-Large Ben Clemons

Finance Committee - 4/17/2019 Page 16

Mayor Donchess

Well once we establish a separate 501(c)3 money could go there and wouldn't go to the ... so even private
contributions would go to that entity and not to City Arts. So only with respect to money that goes to City Arts
while they are performing 501(c)3 services go to them. So if the bulk of the money comes in through the other
501(c)3, they would get very little.

Alderman Caron

Thank you for clarification.

Alderman Klee

Finance Committee - 4/17/2019 Page 15
Mayor Donchess

Correct and not one of those dollars will be a City tax dollar.

Alderman Caron

Ok thank you, my next question is are they holding that in a separate account for the Performing Arts Center?
And | see a head shaking.

Mr. Cummings

If | may Mr. Mayor, yes, yes, they are, it’s a whole separate bank account.
Alderman Caron

So do you think that someday we will know what we have in that bank account?

Mr. Cummings

Finance Committee - 4/17/2019 Page 14

Alderwoman Kelly

Yes so we had originally talked about the fiscal agency as something that was a stop gap while we were
setting up our 501(c)3, can you talk you about where we are in that process please.

Mr. Cummings

Finance Committee - 4/17/2019 Page 13

Alderwoman Kelly

Ok so a couple of questions. The first question is if they were not intending to charge us a fiscal agent fee
originally does that mean what we currently have is not subject to this 2% fee?

Mr. Cummings

It was never their intention to not charge us a fiscal agent fee.

Alderwoman Kelly

So everything will be subject to this?

Mr. Cummings
Yes but capped at $40,000.00.

Alderwoman Kelly

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Alderman O’Brien

Thank you. Mr. Cummings, particularly of interest in one of the ancillary projects would be invasive species
removal. Ok, could this contract, can she help us out maybe with some granting? | know the State does have
some things and we need to take care of that river, we don’t want no more dirty water, you can keep it in
Boston. But we want Nashua to be good.

Mayor Donchess

What was the song again?
Alderman O’Brien

Oh | love that dirty water. Yes. Mr. Cummings knows the tune.