3. Income from Sale of JAFI and UIA owned Public Housing and other Capital Assets
WHEREAS under a resolution dated February 24th, 2000, amended by resolution dated October 29 th, 2002, the Board of Governors resolved that
1. All income from the sale of JAFI- and UIA-owned public housing shall be applied solely for debt retirement, reduction of bank indebtedness of JAFI and UIA, reduction of other balance sheet liabilities, and as of 31 December 1999, of JAFI and employee-related expenses arising from the sale of Amigour managed public housing, and that all income from the sale of other Capital assets shall be applied solely to the above purposes or to the capital budget of JAFI; and that
2. No income from the sale of said assets shall be included in the income line of JAFI budget; and
WHEREAS after several years of applying the income from the sale of JAFI- and UIA-owned public housing and other Capital assets solely for the limited purposes described above, the amounts required each year for debt retirement are substantially lower than the income received from the sale of JAFI- and UIA-owned public housing and other Capital assets.
It is hereby resolved:
1. The above mentioned resolution of the Board of Governors dated February 24th, 2000 shall be further amended so that income from the sale of JAFI- and UIA- owned public housing and other capital assets not required for debt retirement, and in excess of the amount appropriate to be used for the reduction of bank indebtedness of JAFI and UIA and reduction of other balance sheet liabilities, as agreed unanimously by the Director General of the Finance Department, the Chair of the Budget and Finance Committee, and the Chair of the Assets and Liabilities Committee, may also be invested in the Jewish Agency Endowment Fund.
2. No income from the sale of said assets shall be included in the income line of the JAFI operating budget, excluding withdrawals from the Endowment Fund occurring in the framework of the Endowment Fund’s spending rule.