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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