1989-11-09November, 9, 1989
A meeting of the Commissioners of Trust Funds for the City of Beverly WeB
called to order at 8:35 a.m. at the Beverly National Bank. Present at the
meeting were Messrs. Smith, Dawson, Nardella and Mrs. Reinare.
lhe minutes of the Seventy Eighth Annual Nesting held on October 5, 1989
were read and accepted.
AcknowledSment of letters from recipients of gifts from the Nanay A. Millell
Fund were read by the Clerk as follows: Beverly Fenale Charitable Society,
American Red cross, VNA North Shore, Children's Friend and Family Service
Society of the North Shore, Inc., Beverly Regional YMCA and Beverly Hospital
"Project Good".
A review of all Trust Funds followed:
John I. Baker Fund - Noted that income earned in fiscal year 1988 was accruing
on a time deposit therefore, interest earned appeared to be very low. On
November 2, 1988 Century Northshore Bank agreed to send monthly checks for
interest earned on this time deposit allowing more income to be available for
library expenses at the end of fiscal year 1989.
Jacob Brower Fund - Voted no change.
Esther H. Calish Memorial Fund - Voted no chanee.
Beverly Publi_c Library Fund - Voted no chanSe.
Perpetual Care of Cemetery Lots - Noted that endowment money paid to the City is
credited monthly to the principal account with income earned on principal paid
once yearly to cover cost of cemetery payroll and mainCenance authorized by
the Commissioner of Public Works and Board of Managers of the Cemetery Department.
Theodore Flethher Cobb Fund - Voted no change.
Alice M, Cook Fund - Voted no change.
PolIv Dane Fund - L.M. Smith to 8el a determination of value of the Beverly
National Corporation stock to keep on file.
Abby W. Hunt Fund - Voted no change.
JoWeDh W. Lefavour Fund - Voted no change.
Katherine P. Lorin~ Memorial Fund - Voted no change.
David S. Lynch Fund - Transferred $796.00 from the income account to principal
account to be added to principal share of Beverly National Bank CD due 7-3-89.
-2-
Nancy A. l~Lllett Fund - Voted no change.
Jessie L. 0. Peirce Fund - Voted no change.
Xbenezer Ray Public Library Fund - Voted no change.
Ra~mond I~nd - Jean Perton, School'Superintendent to contact L.M. Smith regardin~
use of funds.
Sohier Fund - Voted no chanSe.
xsabelle Soreneon Fund - Look at progress by City Solicitor regardir~ use of ~unds.
L. D. Webbet Fund - Voted no change.
Sarah L. ~hi~narsh Fund - Voted no change.
Helen E. Woodbury Fund - Voted no change.
World War Veterans Hemoriel Fund - Voted no change.
Beverl~ Centennial Conanit~ee of 1994 - Time Capsule Fund - Voted no change.
Beverl~ American Revolution Bicentennial Co~e~ttee - Tricentennial Fund - Voted
no.change.
Special School Funds - Voted no change.
It was discussed and decided to disburse funds on an annual basis unless an
emergency situation arises.
Our next meeting will be scheduled after the £irst quarter repor~ has been
received from Shawmug Bank. AC that time we will vote to accept the annual report.
There being no further business, the meeting was adjourned at 10:00 a.m.
l~espectfully submitted~
Alice ~. Remare, Clerk
Coem4ssioners of Trust Funds
City of Beverly