1989-01-27January 27, 1989
An informal meeting was held at the Beverly National Bank at 8:30 a.m.
Present were Messrs. Smith, Dawson, Nardella and Mrs. Alice H. Remare.
Chairman Smith discussed our situation regarding the CD's invested
through E.F. Hutton now Shearson, Lehman, Hutton for various Trust Funds
of the City of Beverly totaling $660,000.00. Because these CD's were
invested in banks outside the State of Messachusetts, and over the limit
of $100,000.00 at any one bank, for insurance purposes it was voted to
turnin $330,000.00 of the CDms with penalty and reinvest in U.S.Treasury
notes. There woutd be $100,000.00 left invested in each of the following
banks: Homestead Savings and Columbia Savings in California and Centrust
Savings Bank in Florida.
A letter from the Beverly Female Charitable Society was read regarding
their not receiving any money from the Commissioners of Trust Funds during
our annual distribution of funds to various organizations. It was voted
to send a check for $1,000.00 from the Nancy Mtllett fund at this time.
The meeting was adjourned at 9:30 a.m.
Respectfully submitted,
Alice M. Remare, Clerk
Commissioners of Trust Funds
City of Beverly