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HomeMy WebLinkAbout1972-01-24 83-Z ORDER83-Z
Introduced by Counciloran¢un4e5, Tan. 24, 1972
p CITY OF BANGOR
(TITLE.) VIirbfr, The interest paid upon certain trust funds be at the rate the
City receives upon investment in any one year.
By Ne aty Casual of the afro of Basque
ORDERED,
THAT WHEREAS the City of Bangor does now hold in trust certain funds and
WHEREAS the rate of interest upon these funds by a previous order of the City Council
was Had at 5%, it is now
ORDERED that there shall hereafter be paid interest upon said funds to be used for the
purpose indicated at the time the funds were established, such rate of interest as the
City shall receive In any given year upon the investment of said funtls, and it 1s
further
ORDERED that all orders or resolve$ passed by any previous City Council establishing
the rate of interest to be paid upon these funds are hereby repealed.
STATEMENT OF FACT: The trust funds referred to are as follows:
1. Bangor Fuel Society Fund in the sum of $4, 500.
2. Bangor Mechanic Association Fund in the sums of $12,000.
3. Thomas V. Coe Fund in the sum of $3, 000.
4. Home for Aged Women Fund in the sum of $25, 000.
5. Kirstein Scholarship Fund in the sum of $5, 000.
6. Anna Hayford Felon Fund in the sum of $4,000.
7. George T. Stodder Fund in the sum of $ll, 000.
8. Wakefield Fund in the sum of $10, 000.
The City Council at its meeting of December 27, 1943 ordered that if the earnings
upon the investment in any one year shall not equal 5% on the investment the City
shall annually appropriate and pay such a sum M addition to the return received
upon the Investment to equal 5%.
83-Z
I 1 is
IN Clens COUNCIL Title,
San. 24, 1972
PASS® Interest on 1 StFundS be at Rate
................... I..................
C 21Y CLERK City iee¢ived upon Investment
Introduced and filed by
Councilmen