Windfarm Legacy Trust Backgrounder
HIFN WINDFARM LEGACY TRUST Backgrounder 20, October 2020
What is a Trust?
A trust is a legally distinct entity created by a binding agreement between a settlor and the trustee regarding the use of assets
SETTLOR - Chief and Council
Transfers capital to and enters into a Trust Agreement with the Trustee(s)
TRUSTEES - To be selected
Hold, manage and oversee funds according to the Trust’s purposes and goals
BENEFICIARY - Henvey Inlet First Nation
Receives disbursements from the Trust and benefits from the use of Trust funds to improve infrastructure, member services and community economic development
Other topics covered in this backgrounder
- Windfarm Income Projections
- How will the funds be used?
- Why Use a Trust?
- What assets will be settled on the Trust?
- What happens to the settled assets?
- Distributions to Members
- Clawbacks?
- Checks and Balances on Withdrawals
- Trust Withdrawal Proposals
- Board of Trustees
- Next Steps
CLICK HERE for the full presentation booklet
