AG 2000 09 18 - Laserfiche WebLink

Home Browse Search

MUflTII £MOtlllA MEMORANDUM To: Frank Clifton From: Blair Bennett /~ Date: August 22, 2000 Subject: Library Trust Accounts Cabarrus County received two trust accounts when the library consolidation occurred. These trust accounts have been separately administered by the respective banks that they were placed in originally. One trust, which was originally set up in 1954 in the amount of $46,780, now has a market value of approximately $307,000. This particular trust account is administered by Wachovia Bank. The other trust account referred to as the Odell Trust amounts to approximately $1,100 and is administered by First Charter National Bank. Both of these trust accounts can be used as directed by the Grantor (Cabarrus County) for expenditures relating to the Concord Public Library System. In the agreement signed between the County and the City of Concord both parties agreed that these monies would be used for the Library or the establishment of additional library branches within the boundaries of the City of Concord. Subject to your approval, I would like to close these separately maintained bank accounts and set up a trust fund within the county's financial system. The funds from the Wachovia managed trust would be managed through the consolidated central depository investment accounts. We would credit interest to this fund quarterly and track expenditures related to this fund. We would thereby do away with the management fees now charged to the account by Wachovia. The Odell Trust, since only amounting to approximately $1,100 will be closed into a library revenue account, called contribution and private donations account, to track such funds accordingly. In discussions held with Tom Dillard there are some expenditures from the trust fund which he would like to use for various projects. He is preparing a letter to justify his requests and itemize the requested expenditures. unless I have· instructions from the Board of Commissioners to the contrary, these accounts will be closed as indicated above on September 30, 2000 and administered by the County Finance Department. I am attaching a copy of the Trust Agreement and the Consolidation Agreement with the City of Concord for reference. Please review this proposal and give me your comments or instructions, and include in reports to the Board of Commissioners' September agenda. · ~ ~..,:.,.. ':':~:, ~ · ~,)?, !'.iC; ~'f ',75, '.)Tfi7 "(7(~-:',)