According to PANews, the city of Roswell in New Mexico has officially acknowledged its first Bitcoin donation, totaling 3,050,323 satoshis (approximately 0.0305 BTC), valued at around $2,906 at the time of receipt. This donation is intended as 'seed funding' to initiate and establish the 'Roswell Strategic (Bitcoin) Reserve,' managed by the city government.
The official documents outline that the fund will be held for at least ten years to accumulate Bitcoin donations and sponsorships. Once the fund reaches a threshold of $1 million, it can be utilized as a 'Bitcoin Emergency Fund,' with 21% accessible every five years, contingent upon unanimous approval from the city council.
The primary focus of the fund is to subsidize water bills for local senior residents and to support emergency disaster response efforts.
The donation was officially received on April 29, confirmed by Roswell's Acting Mayor Juliana Halvorson and Bitcoin certification expert Guy Malone. The donation address has been made public.
