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HomeMy WebLinkAbout2002-04-08 02-173 ORDERItem No. 02-173 Date: April 8, 2002 Item/Subject: ORDER, Establishing a Trust and Agency A unt for Bass Park Responsible Department: Legal Commentary: Joseph P. Bass owned property near the Penobscot River. The Mai" Central Railroad leased the property from Mr. Bass. Upon the death of Mr. Bass the revenue from the lease was placed In Trust for the benefit of several entities, including the City of Burger. The annual disbumements were relatively small and were deposited In a City trust amount for the benefit of Bass Padc The Bass Will provided that the money from the trust was to be used! for "improving, beautifying and adding to" Bass park `from time to time at any time." The City acquired the property from the Maine Central Railroad, including rights m the leased property. The Trustee of the Bass Trust Fleet Bank of Maine, filed a Petition for Decree to Terminate Trust, die Penobscot County Probate Court issued an Order granting the Petition and the City acquired the property for the appraised value. The City received $29,138.0 from the termination of the trust and this was deposited in an account with the funds previously recelved from the trust. The total in the amount Is $145,353.13. We have been unableto locate any Council Orders setting up a trust account. Staffrecommends that the funds in this account be used to carry, out the original wishes of Joseph Bass and be used for improving, beautifying and adding to Bass Park. This Council Order establishes a Trust and Agency Account for that purpose. Depalent Head City Manager Associated Information: Budget Approval: Finance Director Legal Approval: iN Solicitor passage _ First Reading Page 1 of 2 Referral 02-173 AS AIffi9® 5 AssignedmCouncilor Palmer April 8, 2002 CITY OF BANGOR (TITLE.) ORDER, Establishing a Trust and Agency Account for Bass Park By the City Count/ orae oty of eargan ORDERED, WHEREAS, Joseph P. Bass leased property near the Penobscot River to Maine Central Railroad; and WHEREAS, the City of Bangor was one of the beneficlades of the proceeds from the lease; and WHEREAS, the proceeds were to be used for Improving, beautifying and adding to Bass Park; and WHEREAS, the City of Bangor acquired the property from the Maine Cental Railroad and the leased property and the BassTrust has been terminated by the Probate Court; and WHEREAS, the City of Bangs received $29,138.40 from the termination of the Trust, sad funds having been deposited in an account Win other funds recetW from the Bass Trus[, account number 80035332102; and WHEREAS, trete is a total of $145,353.13 in said account, NOW, THEREFORE, be it ORDERED, THAT there Is hereby established a Trust and Agency Account for Improving, beautifying and adding to Bass Park. The funds mranty held firm the Bass That shall provide the carpus of trust agency. Funds may be expended from this account after authorization by the City Council for improving, beautifying and adding to Bass Park. provided, heaver, that the funds may not be expended to pay for renovatious to or replacement of the existing or future Haus Park Aoditoriw at Civic Center. 02-1)3 a [a AssignedWCouncilor ee]mer April 8, 2002 c CITY OF BANGOR (TOLE.) ORDER, Establishing a Trust and Agency Account for Bass Park By Bre oty cim" / Of ft (71Y Of&iogan ORDERED, WHEREAS, 3oseph P. Bass leased Property, near the Penobscot River to Maine Central Railroad; and WHEREAS, the City of Bangor was are of the beneficiaries of the proceeds from Me lease; and WHEREAS, the proceeds were to be used for improving, beautifying and adding to Bass Park; and WHEREAS, the City of Bangor acquired the property from the Maine Central Railroad and the leased property and the BmsTnst has been terminated by the Probate Court; and WHEREAS, the City of Bangor received $29,138.0 fmm the termination of the Tnat, saN funds having been deposited in an account vidh other funds received from the Bas Test, account number 60035332102; and WHEREAS, Mere is a total of $145,353,13 In said account, NOW, THEREFORE, be R ORDERED, THAT Mere is hereby established a Trust and Agency Account for improving, beautifying and adding to Bass Park. The funds currently held from the Bas Trust shall provide Me corpus of tun agency. Funds may be emended hon this account after authorization by the City Council for improving, beautifying and adding to Bas Park, ID CITY COUNCIL April 8. 2002 Nation Male and secaaaea far Passage Motion Made and Recension to Round by adding the follacing to the end of the Council Order. "provided, laeever, that the foods my not be expanded to pay for novation; to 0 replacement of the existing or future Base Park Auditorium Mi Civic Center." otfan Made and seconded to Paas As Ammulea Motion Doubted vote (on Notion to Eased): 5 yes. 4 no Councilors voting yes: Allen Balaacci, Crowley. Palmer L Tremble Councilor voting no Parnham, Barring on. Nealley d Holman Motion Passed Motion Made and Ascended to Pass As Amended Passed As Amended 0 02-1]3 ORDER (TITLE,)6stablfahlen a Rvat and Agency Account for Bass Park Assigned to Councilor Prt 0