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Home My WebLink About1992-06-08 92-296 RESOLVEDate yVV 6-08-92 Item No. 92 29 PFSM.Fa, ga.ms.� City of Bax [ Rage for.' Ag d � 4 t Nnd Item/Subjett: City Nmage[ Responsible Depaamen[i Commentary: M love tecattly by tlu s teen of the P IipbYncklard ansae, me Ue awceaeor to tle Fyne for salad w®., who have ratified m that they lmva v to teIDii reTa tiu lkpat in queo an aM have s a aetprn of the original glrut 1Aads m than. ga ie request has bcen aevievsrl by the City aoiicitor odro fi t^: a ae]ueat to be eiaPcoprinta. in addition, the city's Fisunce DSiecWr los also and rorcvca with This action. 'Ais iteen has beat teviea3i l3' tte Finance (iAnftteea mW saw to tlu full C it f= apavval.. Dep. ,t ae.e Manager's Comnventa: 4nf ' City Manogn luzv Associated Information: Budget Approval: �lve, Nam fx® City Bolicim Nmmve Dire LegalApproval: TI, Flnpneq CAMrMil� YfedMmed ' �0s% Q A AriF j�e S+b)ccl dp JA2 'KnM,nt City swioi[ar 'ii M rny f phI�ll�"ps-S/rlyE(aw,d lwuse /round[ et'atdmeia�afJe� >S it; �/aia5 aS Lf f/a{a 5Wt "ate F 7}t /f m pow /14W4 . lnlroduted Fpr /� re<e)va �twh .2eaioren an �Faoage r ✓a 6-%-9a. L First Reading Page _of_ ❑ Referral By tlw City Could! of City of Bangor. - RESOLVED, WHEREAS, by Council Resolve dated February 9, 1875,. the. City Treasurer of the City of Bangor was authorized to accept funds not exceeding $25,000, to be held in trust for the corporation know as the Home for Aged Woman; and WHEREAS, pursuant to said Resolve, funds totalling $25,000 were subsequently paid to the City Treasurer by the Treasurer of the Home for Aged Women; and WHEREAS, said funds have since been held and administered by the.City of Bangor as a trust fund, with current annual income from the trust having been regularly distributed to the Home for Aged Woman and its corporate successor; and WHEREAS, the trustees of the Phillips -Strickland House, corporate successor to the Home for Aged Women, have voted to terminate the trust and have requested a return of the original trust funds currently remaining in the hands of the City Treasurer, a copy of the corporate action of said Phillips -Strickland house being appended to this Resolve; NOW, THEREFORE, BE IT RESOLVED THAT: the City of Bangor trust fund known as the Home for Aged Women Trust Fund, established by Council Resolve dated February 9, 1875, is hereby terminated; AND BE IT FURTHER RESOLVED, THAT: the City Treasurer is hereby directed to pay over to the trustees of the Phillips -Strickland House the sum of $25,000, or such other sum as may presently constitute the corpus of the said Trust, together with undistributed income received on said Trust account through the date of this Resolve. Assigned to Councilor Bragg June 8,1992'" , _ CITY OF BANGOR 92 299 Terminating City of Bangor Home f r Aged (TITLE.) ABsv1uE, _...__ Women Trust Fund By tlw City Could! of City of Bangor. - RESOLVED, WHEREAS, by Council Resolve dated February 9, 1875,. the. City Treasurer of the City of Bangor was authorized to accept funds not exceeding $25,000, to be held in trust for the corporation know as the Home for Aged Woman; and WHEREAS, pursuant to said Resolve, funds totalling $25,000 were subsequently paid to the City Treasurer by the Treasurer of the Home for Aged Women; and WHEREAS, said funds have since been held and administered by the.City of Bangor as a trust fund, with current annual income from the trust having been regularly distributed to the Home for Aged Woman and its corporate successor; and WHEREAS, the trustees of the Phillips -Strickland House, corporate successor to the Home for Aged Women, have voted to terminate the trust and have requested a return of the original trust funds currently remaining in the hands of the City Treasurer, a copy of the corporate action of said Phillips -Strickland house being appended to this Resolve; NOW, THEREFORE, BE IT RESOLVED THAT: the City of Bangor trust fund known as the Home for Aged Women Trust Fund, established by Council Resolve dated February 9, 1875, is hereby terminated; AND BE IT FURTHER RESOLVED, THAT: the City Treasurer is hereby directed to pay over to the trustees of the Phillips -Strickland House the sum of $25,000, or such other sum as may presently constitute the corpus of the said Trust, together with undistributed income received on said Trust account through the date of this Resolve. Hill 92-296 IN CITY COUNCIL R E S O L V E June 8, 1992 Passed Resolve Terminating City of Bangor Home CI CLe&K for Aged Women Trust food LqM✓��`� 1Lf^""W MEMORANDUM TO: Edward A. Barrett, City Manager FR: Erik M. Stump£el, City Solicitor DA: My 18, 1992 SU: Home for Aged Women Trust Fund In accordance with your memorandum dated May 14, 1992, I have reviewed the original Resolve and other items by Which the City of Bangor accepted gifts totalling $25,000 in trust for the Home for Aged Women in 1875. Based on those documents, -I see no legal objection to the request by Phillipa -Strickland House, that the City Council dissolve the trust and surrender the principal to Phillipa -Strickland House as the corporate successor to the Home for: Aged Woman, the trust beneficiary. The Council's original fiction, dated February 9, 1875, merely authorised the City Treasurer to accept sums not exceeding $25,000 to be held in trust for the "Home for Aged Women". Funds totalling $25,000 were subsequently paid by the Treasurer of the Home for Aged Women to the City Treasurer, final payment being made in late 1875. Accordingly, the Home for Aged Women was not only the trust beneficiary, but was in fact the original trustor. That being the case, the Phillipa -Strickland House, as corporate successor to the Home for Aged Women, is entitled, by its own action, to terminate the trust and to request return of the original trust funds currently remaining in the City's hands. Mr. Bradford's letter dated May 120 1992, indicates that Phillipa -Strickland House has taken the necessary corporate action to terminate the trust. The proper form for the Council's action would be a Resolve formally terminating the trust established by the Council's Resolve dated February 9, 1875. Notice of the Council's action should he forwarlad to the Fleet Bangor Treat Department. We should also request a certified true copy of the corporate resolve of Phillips -Strickland House, terminating the trust, for our files. By way of advice, Phillips -Strickland House would probably do best if, after 'receipt, it deposits the trust funds in a .self-directed trust account. If Fleet Bank assumes a rale a active manager of $25,000 that is no longer part of a larger consolidated treat account, annual management fees would very likely consume the major portion of the annual trust income. EMS/jy pc: John Quartararo, Finance Director es. E. S.