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Trustee of the Trust Funds

Wednesday 18 November 2009

Meeting Minutes

 

 

Approved March 16, 2010

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ATTENDANCE:               = Laurette Guay Chairperson

        &= nbsp;           &nbs= p;            &= nbsp;    Mary Gleason, Cindy Ronning- Trustees

 

 

ALSO IN ATTENDAN= CE:

Ed Gleason  = ;          Advisor

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AGENDA:        &= nbsp;             &= nbsp; See Attachment

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The meeting was conducted in accordance with the Attached Agenda.

 

Meeting Summary

 

Minutes Review:

The Trustees approved the meeting minutes for 24 September 2009

 

Review of Account Balances

The Citizens Concentration Account Summery for period ending 31 October 2009, a= s well as, register summaries for both the Concentration and Distribution accounts= for the period 18 August through 16 November 2009 were reviewed and accepted without comment.

 

 

Discussion on Trust Funds

Based upon an in-depth review of the origin of all the Trusts, Mary Gleason discu= ssed with the Trustees the following findings and received their approval to implement required changes with Citizens Bank:

 

032640        ADA modification = is an expendable trust fund – move to school trust

        &= nbsp; per Warrant Article 7    yr. 1994

 

032648        This should be Raymond Park Capital Reserve Fund

        &= nbsp; Per Warrant Article le 44 yr. 1980   =    

 

032649        Recycling Facility established in 1989 is a General Trust Fund- move to
       &= nbsp;  Town Trust

 

032650        Recycling Equipment Fund is an Expendable General Trust established in   1993        =     Article 32 - move to Town Trust

 

032652        School Building Maintenance Fund is an Expendable General Trust Fund         &= nbsp; established in 1991 Warrant Article 10-move to School Trust Fund

 

032673        Raymond Park Trust was re-authorized in 1996 as two trusts Public and      Private, a new ac= count

        &= nbsp; Change name of current Trust to Public and add a new account for private.

        &= nbsp; NOTE:  Funding could be a problem

 

032683         School Building Land authorized  

        &= nbsp; 2004 Article 42 for High School Land   purchase ( 5K)

        &= nbsp; 2005 Article 18 for land (10K)

        &= nbsp;

        &= nbsp; There should be two Capital Reserve Funds

 

032687        NOTE:  There is no record for any Capita l Reserve Funds or
       &= nbsp;          =      Trust Funds created for the Forrest Management

 

 

Outstanding Payment from Town for Cemetery Maintenan= ce Fund

It was noted that a request to the Town for payment in the amount of $7,200 co= vering trust funds owed for internments from 23 March through 15 September 2009 remains outstanding at this time

 

Discussion on Trust Fund Investment

After some discussion it was determined that Citizens Investment Group should be invited to the 16 December Meeting to discuss their proposal and investigate ways to improve fund yields.

 

Next Meeting

The next Trustee Meeting will be scheduled for Wednesday 16 December, 2009 in t= he Police Community Room at 4:00 PM

 

Adjournment: The meeting convened at 5:05 PM

 

Respectfully submitted,

 

 

Ed Gleason

Acting Secretary

 

 

 

 

 

 

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