1989-06-07June 7, 1989
A special meeting of the Commissioners of Trust Funds for the City of
Beverly was held at the Beverly National Bank Conference Room at 9:00
A.H. Present were Hessrs. Lawrence Smith, Hichael Nardella, James Dawson,
Donald Young and Mrs. Alice M. Remare.
This meeting was called in order to present the selection of a financial
institution for management of our crust funds. Donald Young, Finance
Director for the City of Beverly and A/ice H. Remare, City Treasurer have
met with representatives of several local banks to study their proposals
regarding trust fund management and after careful thought decided to
recommend the Shawmut Bank. Lawrence Smith made a motion to accept the
recommendation and Michael Nardella seconded the motion. Those voting in
favor were Messrs. Smith and' Nardella and Mrs. Remare. James Dawson ab-
stained from voting as he is an employee of the Shawmut Bank.
A discussion followed regarding the investment of income earned in short
term CD~s on several funds including Cemetery Fund, David S. Lynch Fund,
Special School Funds, Brower, Dane, Loring and Petrce.
Alice H. Remare is to contact the Shawmut Bank regarding their selection
and will set up a meeting for next Tuesday,' June 13, 1989 to discuss
when the securities will be turned over to them and to set up our guide-
lines for investments, reports, etc.
The meeting was adjourned at 9:30 A.M.
Respectfully submitted,
Alice M. Remare, Clerk
Commissioners of Trust Funds
City of Beverly