1989-10-05October 5, 1989
The Seventy EiShth annual meeting of the Commissioners of Trust Funds was
held October 5, 1989 at the Beverly National Bank. The meeting was called
to order at 8:30 a.m.
Joseph Boyle and Mark Bergin from the Shawrout Bank of Boston attended the
meetinS to Sire sn overview of the investments mede during the first quarter
of fiscal year 1990. Their Bank was selected to manage the City of Beverly
Trust Funds on June 7, 1989. A review of the most recent Trust Fund Report
was Siren by Mark Bergin so that we may better understand the format of
the report.
Mr. Lawrence M. Smith was elected chairman and Mrs. Alice H. Remere, as City
Treasurer, was elected clerk.
AcknowledSement of letters from recipients of gifts from various funds were
noted by the Clerk. Recipients from the Nancy A. MilIett Fund were Beverly
Regional YMCA, Beverly Chapter of American Red Cross, United Way of Central
North Shore, Visiting Nurse Association of the North Shore, Beverly School
for the Deaf, The AnchoraSs and Beverly Female Charitable Society, and, from
the Polly Dane Fund, North Shore Outreach Minist.ry.
The attached list of Shearson Lehman Hutton CDgs were sold and reinvested
leaving $100,000 in each of the following Banks: Homestead Savings and
Columbia SsvinSs in California and Centrust Savings Bank in Florida.
The annual report will be reviewed in November at our next scheduled meeting.
Requests for funds were reviewed and it wee voted to make the following
contributions from the Nancy A. Millett Fund: Beverly Regional YMCA $5,000,
Beverly Chapter of American Red Cross $1,000, United Way of Central North
Shore $3,000, visiting Nurse Association of the North Shore $2,500, Beverly
Female Charitable Soctety.$1;000, Beverly Hospital "Project Good" $500, and
Children's Friend & Family Service $500. Funds from the Polly Dane Fund were
tabled as no request has been received.
A meeting will be scheduled for the second Thursday in November 1989 to
discuss the annual report and bring any other business before the Conmmission.
Present at the meeting were Messrs. Dawson, Nardella, Smith and Mrs. Remare.
The meeting was adjourned at 10:15 a.m.
Respectfully submitted,
Alice M. Remere, Clerk
Co-wn!ssioners of Trust Funds
City of Beverly