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Floyd County requests 5% spend rate from Legacy Foundation, directing about $852,541 to capital projects
Summary
Commissioners voted to adopt Resolution FCR 2026-04 requesting a 5% spend rate on the county's Legacy Foundation funds, which the county estimated at about $17 million; 5% would generate $852,541.18 to deposit into the county's Capital Improvement Project account.
County Attorney Christie Fox presented Floyd County Resolution FCR 2026-04 on April 21, requesting a 5% spend rate from the county's Legacy Foundation funds. Fox said the drawable balance is roughly $17 million; a 5% spend rate would yield about $852,541.18 to be deposited into the Floyd County Commissioner's Capital Improvement Project account.
"This is the spin rate for the Legacy Foundation funds," Fox explained, and said the county intends to direct the calculated amount into the account set up to house these funds. The resolution asks the county council to adopt an identical request.
Commissioners voted to approve the resolution. The board also said it will enumerate where funds are to be allocated in a future meeting. The action does not touch principal; the request targets a yearly spend rate from the fund's distributable balance.
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