HomeMy WebLinkAboutTrust Agreement Volunteer Firemans Burn Out Fund
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TRUST AGREEMENT
AMBROSE,
FITZGERALD
&CROOKSTON
Attorneys and
Counaelora
P.O. Box 427
Merldlan, Idaho
83842
Telephone 888J481
THIS TRUST AGREEMENT, Made and entered into this ~~-- day
of , 1986, by and between WALTER W. MORROW and
CORRINE L. MORROW, husband and wife, of Meridian, Ada County,
Idaho, hereinafter called "GRANTORS", and the CITY OF MERIDIAN,
hereafter called "TRUSTEE",
W I T N E S S E T H, That
WHEREAS, the Grantors do hereby and by these presents
convey, transfer, assign and set over and deliver to the Trustee
the sum of ONE THOUSAND AND NO/100 DOLLARS ($1,000.00) and;
WHEREAS, all this property, together with other property
that hereafter may be added to this trust by the Grantors, or
either of them, or any other person shall, upon written
acceptance thereof by the Trustee, constitute the Trust Estate
and shall be held, managed and distributed by the Trustee as
hereinafter provided;
NOW, THEREFORE the parties mutually agree as follows:
1. The Trustee shall hold, manage, and- control the
property comprising of the Trust Estate, collect the
income therefrom, and out of same, shall pay all taxes
and other incidental expenses of the Trust 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 Firemen's Association's
Burn Out Fund, hereafter referred to as "Burn Out
Fund", to be distributed to victims of residential
fires, in its discretion.
b. The Trustee shall accumulate FIFTY PERCENT (50~)
of the net income within the Trust Estate.
c. The Trust 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 Burn Out Fund
and distribute funds therefrom to residential fire
victims.
d. In the event the City of Meridian--Rural Fire
District separates, the Trustee shall distribute'
50~ of the net income to a burn out fund
established by the City of Meridian Volunteers or
Professional Firemen and if there be no such fund
established, then the Trustee is hereby directed
to establish a burn out fund and deposit 50~ of
the net income of the Trust Estate thereto and the
Trustee shall distribute the 50~ net income
directly to residential fire victims.
e. That the Trustee is directed to obtain the highest
possible income on the Trust Estate with
AMBROSE,
FITZGERALD
BCROOKSTON
Attorneys end
Counaelora
P.O. Box 427
Merldlan, Idaho
83842
Telephone 888.4481
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 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.,
Grantors shall have no interest or power of
appointment relating thereto.
'/ ,/h
DATED this ~ day of April, 1986.
GRANTORS
~' r`
/WfALT W . MORR W
.G. dLtt~tt~
CORRINE L. MORROW
TRUSTEE
CITY OF MERIDIAN
BY
GRANT P. KINGSF RD s,
MAYOR
AMBROSE,
FITZGERALD
&CROOKSTON
Attorneys and
Counselors
P.O. Box 427
Meridian, Idaho
83842
Telephone 888.4481
ATTEST:
~ ~
JACK AN
CIT CLERK
S E' OE FDA-HO, )
County of Ada, )
On this ~h day of r ~ I' ~~ ~ 1986, before me, the
undersigned, a Notary Public in and for said State, personally
appeared WALTER W. MORROW and CORRINE L. MORROW, husband and
wife, known to me to be the persons whose names are subscribed to
the foregoing instrument, and acknowledged to me that they
executed the same.
IN WITNESS WHEREOF, I
~my.. official seal, the day
above written.
_ . .~
have hereunto set my hand and affixed
and year in this certificate first
:+~ a
• -,.
r' ~ ~ ~~
Nota y Public for Idaho
Residing at Meridian,ID.
5E?~L .
..~
STATE OF IDAHO,)
ss.
County of Ada, )
On this ~~~day of ` Rte! , 1986, before me, the
undersigned, a Notary Publ c in and for said State, personlly
appeared GRANT P. KINGSFORD and JACK NIEMANN, known to me to be
the Mayor and City Clerk of the City of Meridian that executed
the instrument on behalf of said City of Meridian, and
acknowledged to me that such City executed the same.
AMBROSE,
FITZGERALD
6CROOKSTON
Attorneys and
Counselors
P.O. Box 427
Meridian, Idaho
83842
Telephone 888.4461
IN WITNESS WHEREOF, I have
my official seal, the day and
above written.
-SEAL ._
hereunto set my hand and affixed
year in this certificate first
"!/ ~ ~ ~.
Nota y Public or I aho
Residing at Meridian, Idaho