HomeMy WebLinkAboutTrust Agreement with Walter W. Morrow for Rhonda Benson Fire Prevention Trust FundTRUST AGREEMENT
THIS TRUST AGREEMENT , Made and entered into this 4th day of
January, 1994, by and between WALTER W. MORROW, of Meridian, Ada
County, Idaho, hereinafter called "GRANTOR", and the CITY OF
MERIDIAN, a municipal corporation of the State of Idaho,
hereinafter called "TRUSTEE',
WHEREAS, the Grantor does hereby, and by these presents does,
convey, transfer, assign and set over and deliver to the Trustee
the sum of FIVE HUNDRED AND NO/100 DOLLARS ($500.00;
WHEREAS, the above funds are an accumulation~of all remaining
political campaign contributions from the Grantor's successful
campaign for City Councilman and personal funds of the Grantor;
WHEREAS, all this property, together with other property that
hereafter may be added to this trust by the Grantor, or any other
person shall, upon acceptance thereof by the Trustee, shall
constitute the TRUST ESTATE known as the "RHONDA BENSON FIRE
PREVENTION EDUCATIONAL TRUST FUND" and shall be held, managed and
distributed by the Trustee as hereinafter provided;
NOW, THEREFORE The parties mutually agree as follows:
1. That the above recitals are contractual and binding as if
set forth herein in full.
2. That the Trustee shall hold, manage, and control the
property comprising the Trust Estate, collect the income therefrom,
and out of the same, shall pay all taxes and other incidental
expenses of the Trust Estate and shall hold the Trust Estate and
distribute the income therefrom for the following purposes:
a. The Trustee shall annually pay FIFTY PERCENT (50~) of the
net income to the City of Meridian/Rural Fire District
Volunteer Firemens' Association's Fire Prevention Educational
Fund, to be used for fire prevention education.
b. The Trustee shall accumulate and reinvest the remaining
FIFTY PERCENT (50~) of the net income and retain such within
the Trust Estate.
c. The Trust Estate hereby created shall continue in full
force and effect as long as the City of Meridian/Rural Fire
District Volunteer Firemen's Association continues to maintain
a fire prevention educational fund.
d. In the event the City of Meridian/Rural Fire District
separate, the Trustee shall distribute 50~ of the net income
to the fire prevention educational fund established by the
City of Meridian volunteer firemen or by the Meridian
professional firemen, and if there be no such fund be
established, then the Trustee is hereby directed to establish
such a fund and deposit 50~ of the net income of the Trust
Estate thereto. The Trustee shall distribute the remaining
50g of the net income to this Trust Estate, the Rhonda Benson
Fire Prevention Educational Trust Fund, to be held by the
Trust Estate and reinvested.
e. That the Trustee is directed to obtain the highest
possible income on the Trust Estate with reasonable and due
consideration for the safety of the investment; the Trustee,
however, shall not be restricted by the investment guidelines
placed on municipal governments by the laws of the State of
Idaho; the Trustee, in investing the funds of the Trust Estate
shall use the Trustee's Chief Financial Officer as an
investment advisor.
f. Other persons or entities wishing to grant funds or
property to the Trust Estate may do so.
g. This grant and trust shall be irrevocable and Grantor
shall have no interest in, or power of appointment over, the
Trsuct Estate.
DATED This ~~ day of January, 1994.
GRANTOR
W TER W. MO W
TRUSTEE
CITY OF MERIDIAN
G RINGSFOR
Mayor
ATTEST:
WILL BERG
City Clerk ~~ ~
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STATE OF IDAHO,)
ss.
County of Ada, )
On this ~ day of , 1994, , before
me, the undersigned, a Nota y Publi in and for said State,
personally appeared WALTER W. MORROW, known to me to be the person
whose name is subscribed to the within and foregoing instrument,
and acknowledged to me that he executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year first above written.
SEAL
STATE OF IDAHO,
County of Ada,
ss.
r,
NOT Y PUBLIC,FOR IDAHO
RES DING AT MERIDIAN, ID
On this 4 day of January , 1994, , before
me, the undersigned, a Notary Public in and for said State,
personally appeared GRANT P. RINGSFORD and WILL BERG, known to me
to be the Mayor and City Clerk of the City of Meridian, Idaho, and
who executed the within instrument, and acknowledged to me that the
City of Meridian executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year first above written.
SEAL
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NO ARY PUBLIC FOR IDAHO
SIDING AT MERIDIAN, IDAHO
y commission expires 08/02/99