1988-11-09November 9, 1988
The Seventy Seventh annual meeting of the Commiesioners of Trust Funds was hel~.
November 9, 1988 at the Beverly National Bank. The meeting was called to order
8:30 a.m.
Mr, Lawrence M. Smith was elected chairman and Mrs. Alice M. Remare as City
Treasurer was elected clerk.
rue minutes of the previous meeting were read and accepted.
Acknowledgement of letters from recipients of gifts from various funds were
read by the Clerk. Recipients from the Nancy A. Millerr Fund were Beverly
Regional YMCA, Beverly Chapter of American Red Cross, Beverly Female Charitable
Society, Beverly Hospital Well Baby Clinic, United Way of Central;North Shore,
Visiting Nurse Association of the North Shore and from the Folly Dane Fund, the
North Shore Outreach Ministry.
Chairman Smith suggested changing our meetings from annual to quarterly to
reviewumturing securities and other business. He also suggested creating a
general policy for guidelines for investments and control of the Trust Funds.
Chairman Smith will also look at the E.F. Hutton C.D. investments.
Mr. Dawson requested chat City Solicitor Thomas Alexander review the laws
governing Trust Funds with special interest in the sale of stock left in a
will and buying another to replace it, Also, my the amount invested exceed
the Fifty thousand stated in the General Laws of Massachusetts Section 54
Chapter
It was suggested that we should look into a Trust Fund program to be managed
by · local firm. This would increase the interest earned by investing in the
highest yielding securities within the limits of the laws governing trust funds.
A review of all Trust Funds followed:
John I. Baker Fund - Interest earned on the TDC at Century North Shore Bank to
be sent monthly instead of at maturity date of November 2, 1989.
Jacob Brower Fund - Voted no change. Question brouSht up as to the authorization
of use of funds - should be the Mayor or Superintendent of Schools.
Esther H. CalishMemorial Fund - Voted no change,
Beverly Public Library Fund - Voted no change, An error of $1.20 noted on FY87
balance at Bay Bank Account # 666-416-4 should have been reported as $15,382.86.
Perpetual Care of Cemetery Lots - It was voted to invest One hundred thousand in
a six month CD and Seventy Five thousand in a one year CD at the best available rate
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Theodore Fletcher Cobb Fund - Voted no chanSe.
Alice H. Cook Fund - Voted no change,
Pollv Dane Fund - It was voted to contribute $600,00 to North Shore
Outreach Ninistry.
Abby W. Hunt Fund - Voted no change.
Josegh W. Lefsvour Fund - Voted no change.
Katherine P. Lorin2 F~norial Fund - Voted no change.
David S. Lynch Fund - It was voted to invest Twenty thousand dollars from the
principal fund in a 5w year CD at the best available rate. Also to invest
FifCy thousand dollars from the income accoun~ in a two year U.S.Treasury
note available at the end of November.
Nancy A. ~lillett Fund - Noted that a request to sell'83 shares of E.I.Dupont
DeNemours and Co. (common) stock in FY86-87 report was decided against due
to market changes. Requests for f~nds were reviewed and it was voted to make
the following contributions: Beverly Regional Y~EA 95,000.00, Beverly Chapter
of Americah Red Cross $1,000.00, United Way of Central North Shore $3,000.00,
Visiting Nurse Association of the North Shore $4,000.00, Beverly School for
the Deaf $3,000.00 and The Anchorage $1,000.00.
Jessie L. O. Peirce Fund - Voted no chaB~s.
Ebenezer Ray Public Library Fund - Voted no chau~e.
Ra~nnond Fund - Vo~ed no change.
Sohier Fund - Voted no change.
Isabelle Sorenson Fund - It was voted ~o put the $805.67 from the Beverly
National Bank TDCmaturing October 31, 1988 in the Beverly Savings Rank
Account ~108~5~. Thomas Alexander is to Eive a written opinion regardin~
the use of the money.
L. D. Webbet Fund - Voted no change.
Sarah L. Whirmarsh Fund - Voted p~ change.
Helen E. Woodbury Fund - Voted no change.
for an opinion regarding use of the income.
Second request nmde of City Solicitor
~orld War Veterans Memorial Fund - Vo~ed no chan~e. Contact Superintendent of
Schools, Jean Perton, regardinS use oEmoney ~or "medical work and correc~ive
appliances. for worth public school childred of Beverly~.
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Beverl7 Centenniel Co-~ctee of 1994 - Time Capsule Fund - Voted no change.
Beverly American ltevolutton Bicen~enntal Comm~ tree - TricenCenntal Fund -
Voted no change.
Soectal School Funds - Voted no change. Contact Superintendent of Schools~
Jean Perton, regarding use of money.
Mr. e t i e a awso
was e i a =h 1
National Bgn_k_,
Present at the meeting were Messrs. Dawson~ Nardella, Smith and Mrs. Reinare.
There being no further bus~ness, the meeting was adjourned at 11:15 a.m.
Respectfully submitted,
Alice N. Remare, Clerk
Commissioners of Trust Funds