11-822 Rural Fire District Burn Out FundCITY OF MERIDIAN RESOLUTION NO. l ~ ' $ a a
BY THE CITY COUNCIL: BIRD, HOAGLUN, ROUNTREE, ZAREMBA
A RESOLUTION TERMINATING THE TRUST AGREEMENT BETWEEN WALTER
W. MORROW AND CORRINE L. MORROW AND THE CITY OF MERIDIAN
ESTABLISHING A FUND ACCOUNT THAT BENEFITS THE RURAL FIRE DISTRICT
VOLUNTEER FIREMEN'S ASSOCIATION'S BURNOUT FUND AND DISTRIBUTION OF
FUNDS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on November 9, 2011, the City Council of Meridian received a report from the
Finance Department regarding the Trust Agreement dated April 16, 1986; and
WHEREAS, said Trust Agreement establishes a fund whereas 50% of the net income of the
Trust account be distributed to the Rural Fire District Volunteer Firemen's Association's Burn Out
Fund; and
2'l08.45
WHEREAS, said account at Washington Federal Bank currently has a balance of $2,707.99;
and
WHEREAS, Walter W. Morrow and Corrine L. Morrow wish to terminate the Agreement and
transfer said funds to the Western Ada Recreation District; and
WHEREAS, after receiving said report, the City Council directed that the City of Meridian
close said account and forward $2,707.99 to the Western Ada Recreation District.
NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF
THE CITY OF MERIDIAN CITY, IDAHO:
Section 1. That the Trust Agreement dated April 16, 1986 between Walter W. Morrow and
Corrine L. Morrow and the City of Meridian is hereby terminated.
Section 2. That the City of Meridian close the account at Washington Federal Bank and
forward $2,707.99 to the Western Ada Recreation District.
Section 3. That this Resolution shall be in full force and effect immediately upon its adoption
and approval.
ADOPTED by the Cit Council of City of Meridian, Idaho this =1 day of fN01lPIVl ~PI~Pi , 2011.
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APPROVED by _ P~tayor o~ City of Meridian, Idaho, this ~ day of ~o~pw, b ~ , 2011.
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RESOLUTION FOR TERMINATION OF TRUST AGREEMENT-BURN-OUR FUND AND DISTRIBUTION OF FUNDS TO WESTERN ADA
RECREATION DISTRICT -1 OF 1
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TRUST AGREEMEN'!' j~1"
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THIS TRUST AGREEMENT, Made and entered into this ~l_ daL
of ~, 1986, by and between WALTER k. MORROW and
CORRINE L. MORROW, husband and wife, of .Meridian, Ada Countl•,
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 ($1,000.00) and;
WHEREAS, all this property, together with other property
that hereafter may be added to this trust by the Grantors, or
either of them, or any other person shall, upon written
acceptance thereof by the Trustee, constitute the Trust Estate
and shall be held, managed and distributed by the Trustee as
hereinafter provided;
NOW, THEREFORE the parties mutually agree as follows:
1. The Trustee shall hold, manage, and control the
property comprising of the Trust Estate, collect the
income therefrom, and out of same, shall pay all taxes
and other incidental expenses of the Trust and shall
hold the Trust Estate and distribute the income
therefrom for the following purposes:
a. The Trustee shall annually pay FIFTY PERCENT (50~)
of the net income to the ~~t~ ~~ ~i~~.di.~~n-: Ru~r.•a?
~F=%re ffi st r~ ~t -y~Qlaun'tesr •F re~ae.~.' _s ~s~soc°i~t"'z an ~ sy
. Byrn Out Fundf hereafter referred to as "Burn Out
Fund", to be distributed to victims of residential
fires, in its discretion.
b. The Trustee shall accumulate FIFTY PERCENT t5Q$)
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 funs
established, then the Trustee is hereby directec
to establish a burn out fund and deposit 54$ 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 witf
AMBROSE
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reasonable and due consideration for the safety of
the investment; the Trustee, however, shall not be
restricted by the investment guidelines placed or.
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 • - ..
WALTER W . MORROG4*
~~
ORRINE L. MORRORT
TRUSTEE
CITY OF MERIDIAN
GRANT P. KINGSFORD ,
MAYOR
CITY
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FITDGERALD
iCROOKSTOH
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~' .,~ SATE OF;'IDAHp, }
County of Ada, )
AMBROSE.
FtYZC3ERA~D
i CROOKSTON
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P.O. Box 427
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Qn this .~~' day of r,~ tj , ].986, before me, the
undersigned, a Notary Public in and for said State, personally
appeared WALTEP. ~ti. MORROk and CORRINE L. MORROtti, 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, T have hereunto set my hand and affixed
my official seal, the day and year in this certificate first
above written .
SEAL
STATE OF IDAHO,)
ss.
County of Ada, 3
On this 1~~ day of
undersigned, a Notary Publ
appeared GRANT P. KINGSFORD
the Mayor and City Clerk of
the instrument on behalf
acknowledged to me that such
~• ~~ ~.,,
Nota y Public for Idaho f
Residing at Meridian,ID.
i
/~~ 1986, before me, the
c in and for said State, personlly
and JACK NIEMANN, known to me to be
the City of Meridian that executed
of said City of Meridian, and
City executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
my official seal, the day and year in this certificate first
above written.
sEAL
Nota y Public or I aho !
Residing at Meridian, Idaho ..
~E IDI~ IAN.,---
~~
CITY of MERIDIAN
33 E Broadway Avenue
Meridian, Idaho 83642
CHECK REQUEST
REQUESTI=D BY: Todd Lavoie
Western Ada Recreation District CHECK NEEDED BY: next check run
1937 NW Bth
PLEASE CHECK ONE: ^ Mail Check
PO Box 566 ^
Meridian, ID 83680-0566 Q Return check to de t
DESCRIPTION ACCOUNT# AMOUNT
Meridian Rural Fire De artment 8urnaut Fund - 01-2210-53$02 2,707.99
Account Closed at Washin ton Federal Sank
Per Walt Morrow, funds from account to be forwarded to
Western Ada Recreation pis#rict
Meridian Rural Fire Oept Burnout Fund CHECK TOTAL $ 2,707.99