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