HomeMy WebLinkAbout1992-223
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RESOLUTION NO. 92-223
A RESOLUTION APPROVING THE TRANSFER OF
CERTAIN TRUST FUNDS
WHEREAS, the City is the beneficiary of a certain trust
established under the will of Amie Webster, the will dated the 11th
day of December, 1936; and,
WHEREAS, the provisions of this trust provide that $10,000
should be held by the First National Bank of stillwater in a fund
to be known as the McCluer-Webster Library Fund, to be invested and
reinvested in order that income therefrom be paid to the city of
stillwater to be paid out and expended by the city only for the
purchase of books, magazines and periodicals for the public
library; and,
WHEREAS, the trust also provides that the trust shall
terminate at such time as the city shall fail to maintain a public
library in the city, and then at such time the principal and
accumulated interest in the fund shall at once revert and be paid
over to the Ascension Church Memorial Fund of the Ascension Church
of Stillwater; and,
WHEREAS, the Firstar Trust Company N.A., as successor in
interest to the First National Bank of stillwater, has proposed
that the corpus of the McCluer-Webster Library Fund Trust, as
created by the last will of Amie Webster, be paid over to the
Ascension Church of stillwater to be held in their Ascension Church
Memorial Fund subject to the conditions of trust imposed on these
funds by the will of Amie Webster and that the Ascension Church
continue to pay over such income from the trust to the city as
often as convenient and at least once in each year; and,
WHEREAS, the Ascension Church of Stillwater has agreed to hold
and administer this trust according to the terms and conditions of
the trust.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. That the city of stillwater does hereby consent and approve of
the transfer of the principal sum of the McCluer-Webster Library
Fund currently held in trust by the Firstar Trust Company of
stillwater as successor in interest of the First National Bank of
Stillwater on the condition that the Ascension Church of stillwater
continue to observe the conditions of trust imposed upon the
McCluer-Webster Library Fund by the will of Amie Webster and that
if the City shall fail to maintain a public library in the city,
the trust created by the last will of Amie Webster shall terminate
and the principal of the trust fund provided for by the will and
all accumulated income therefrom shall at once revert to become
part of the Ascension Church Memorial Fund as created by the last
will of Amie Webster in all respects as though originally made a
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part of the fund all as administered by the Ascension Church of
stillwater and the Wardens and Vestrymen of the church as the may
from time to time determine most beneficial to the church and its
properties.
Enacted by the city council of the city of stillwater this 20th
day of October, 1992.
~~ t%M~w .,. ,
Wally rahamson, Mayor
ATTEST:
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