1992-01-29JANUARY 29, 1992
A MEETING OF THE COMMISSIONERS OF TRUST FUNDS FOR THE CITY OF BEVERLY
WAS HELD AT THE BEVERLY NATIONAL BANK AT 8:30 A.M. ATTENDING WERE
MESSRS. JAMES DAWSON, LAWRENCE M. SMITH, PETER COPELAS, JAMES RICH,
STEVEN CURRAN, THOMAS ALEXANDER, CITY SOLICITOR AND MRS. ALICE M.
REMARK.
THE PURPOSE OF THE MEETING WAS TO REVIEW THE INVESTMENT PORTFOLIO WITH
THE NEW MANAGER OF OUR TRUST FUNDS, THE BEVERLY NATIONAL BANK.
REPRESENTING THE BANK ARE JAMES RICH AND STEVEN CURRAN. THEY REVIEWED
THE QUARTERLY REPORT OF 9-30-91 THROUGH 12-31-91 WITH ASSET DESCR~[PTION,
BOOK AND MARKET VALUE WITH AN ESTIMATED ANNUAL INCONE FROM EACH. AN
INVESTMENT ANALYSIS WITH PRICES AS OF 1-24-92 ON EACH ASSET WAS
REVIEWED. AS A PERCENTAGE OF THE TOTAL VALUE OF THE TRUST FUNDS, THEY
ARE BROKEN DOWN AS FOLLOWS: CASH EQUIVALENTS 17.19%, GOVERNMENT ArID
AGENCIES 59.35%, CORPORATE OBLIGATIONS 1.11%, COMMON STOCK 22.56%.
A REQUEST WAS MADE FOR THE ACCOUNTING PROCEDURES OF CERTAIN TRUST FUNDS
SUCH AS DAVID S. LYNCH, LIBRARY AND WORLD WAR VETS. WHO AUTHORIZES
EXPENDITURES FROM EACH 'ACCOUNT AND ARE THEY FOLLOWING THE TERMS OF THE
WILL.
TOM ALEXANDER WILL REVIEW THE WILLS AND MAKE SUGGESTIONS REGARDIN6 USE
OF THE FUNDS. IT MAY BE NECESSARY TO GO THROUGH PROBATE COURT TO CHANGE
THE LANGUAGE OF SOME WILLS SO THAT THE FUNDS MAY BE USED.
A MOTION WAS MADE BY LAWRENCE SMITH SECONDED BY JAMES DAWSON TO BREAK
OUT THE FUNDS INTO THREE GROUPS AS FOLLOWS: CEMETERY, DAVID S. LYNCH AND
ALL OTHERS. THIS WILL BECOME EFFECTIVE APRIL 1, 1992.
JIM RICH WILL NOTIFY ME WITH SUGGESTED INVESTMENT SALES OR PURCHASES SO
THAT I MAY INFORM THE TRUST FUND COMMISSIONERS. AT TODAY'S MEETINS HE
PRESENTED SEVERAL SUGGESTED STOCK PURCHASES WHICH WOULD INCREASE STOCKS
FROM 23% TO 37% OF ACCOUNT, WHILE REDUCING ANNUAL INCOME BY ONLY.
APPROXIMATELY $3,100. RESULTING IN A CURRENT YIELD OF ABOUT 6.18%.
JAMES DAWSON MOVED TO RECOMMEND THE STOCK CHANGES AND PETER COPELA:]
SECONDED THE MOTION. COPY OF ATTACHED RECOMMENDATIONS IS ATTACHED.
A VOTE WAS TAKEN THAT THE MATURITY OF BOND ISSUES BE LIMITED TO 7 YEARS
AND TO DEAL ONLY WITH GOVERNMENT AGENCIES.
TOM ALEXANDER SUGGESTED HAVING THE KATHERINE P. LORING MEMORIAL FUND
CHANGED TO READ "BUILDING OF A CHILDREN'S ROOM" INSTEAD OF "BUILDING OF
A CHILDREN'S LIBRARY IN BEVERLY" SO THAT THE FUNDS MAY BE USED IN THE
REMODELING OF OUR PRESENT LIBRARY. HE WILL GET APPROVAL FROM THE
LIBRARY TRUSTEES AND THEN THROUGH PROBATE COURT TO CHANGE THE LANGUAGE.
THE PROCESS AT THE PROBATE COURT IS KNOWN AS~CY PRES~ HE WILL ALSO
CHECK AT PROBATE COURT THE WILL OF HARRY S. MILLETT REGARDING THE
TRUSTEES NAMED IN HIS WILL.
TOM ALEXANDER ALSO STATED THAT ANY MEETING OF THE TRUST FUND
COMMISSIONERS MUST BE POSTED AT CITY HALL PRIOR TO DATE OF ACTUAL
MEETING. THE MEETING PLACE SHOULD BE HANDICAPPED ACCESSIBLE.
THE CLERK WILL SUBMIT A SHORT STATEMENT CONCERNING EACH TRUST FUND WITH
NO VALUE GIVEN FOR THE ANNUAL CITY REGISTER. THIS WAS REQUESTED BY THE
CITY CLERK OF COMMITTEES, CONSTANCE PERRON. AN ENDING SENTENCE SHOULD
INCLUDE "AN ANNUAL REPORT BY THE COMMISSIONERS OF TRUST FUNDS IS
AVAILABLE FOR REVIEW IN THE CITY TREASURER'S OFFICE".
IT WAS SUGGESTED TO SEND A LETTER TO THE SCHOOL COMMITTEE REGARDING THE
AVAILABILITY OF FUNDS FOR PUBLIC SCHOOL CHILDREN.
CITY SOLICITOR, TOM ALEXANDER SUGGESTED A SPECIAL MEETING TO REVIEW THE
WORDING OF EACH TRUST FUND IN REGARD TO DISBURSING INCOME.
THE MEETING WAS ADJOURNED AT 10:45 A.M.
RESPECTFULLY SUBMITTED,
ALICE M. REMARE, CLERK
COMMISSIONERS OF TRUST FUNDS FOR
THE CITY OF BEVERLY