No preview available
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resolve$ passed by any previous City Council establishing the rate of interest to be paid upon these funds are hereby repealed.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