HomeMy WebLinkAboutTR-11-83 2 KNOW LEDGE
WS�
CORPORATION OF THE TOWN OF NEWCASTLE
40 TEMPERANCE STREET
BOWMANVILLE, ONTARIO
LiC3A6 TELEPHONE 623-3379
REPORT TO THE GENERAL PURPOSE AND ADMINISTRATION COMMITTEE MEETING HELD
MARCH 7, 1983.
TR-83-11
SUBJECT: MONTAGUE TRUST ESTATE - NEWCASTLE COMMUNITY HALL
RECOMMENDATION:
It is respectfully recommended that:
to That this report be received; and
2. That Canada Permanent Trust Company be advised that Council
is willing to accept the corpus of the trust fund on the
Thomas Montague Estate; and further
3. That Council will invest those funds and use the income of those
investments for the benefit of the Community Hall of Newcastle
in accordance with the Will of the late Thomas Montague,
BACKGROUND AND COMMENT:
Subsequent to Council Resolution #C-11-83, restated below:
"That item 11 , Montague Trust Estate - Newcastle Community Hall , be
referred back to Committee."
and receipt of the minutes of a special meeting of the Newcastle Community
Hall Board held on January 17, 1983, see attached; staff is resubmitting
the above resolution to Committee for approval .
Respectfully submitted,
Kathryn A. Campbell , C.A. , B,Comm. ,
Treasurer.
KAC:gf
R83-MT-1 �� 9"V
28.02.83
RECEIVED C
F E B 1983
A special meeting of the Community Hall board was field Jan 17/83
in Coucil Chambers. Present: Couch, Hoogkamp Lover, Rickard,
Coucillor Hamre and Mayor Rickard arrived later on.
Catherine Campbell, town tresurer was there to explain and get the
Boards wishes regarding the Montague Trust Fund
Brenton chaired meeting and read the various letters pertaning
to that issue. Treas. Campbell explained that at present the Trust Co.
charges $137.00 yearly for the investing this Trust fund and were
willing to let the Town take over, saving their :7-charges and investing
it as they wished. There was some discussion of fear Town would
borrow against this Trust fund., but being a Trust fund this is not
possible. Catherine explained there are several Cemetary trust funds
in Town treasurers care and this trust would be invested in G.I.S.
same as others inda-liduals are treated.
Brenton summorized si-hee Regional Government all the things that
had been taking away from the Village, and there is a general distrust
among people.
Councillor Hamre spoke up and explained about the money that was
received in Newcastle Village, there was approx $ 60.000.00 spent on
Arena wiping out deficeit and paving lot, there should not be so
much mistrusting, but these things seem to be unknown to general
public.
After some more discussion it was moved by Lover: Town of Newcastle
take over administration of Montague Trust fund and invest in anything
but Town Bonds. Hamre seconded, then asked for amendment.
Amendment to read as follows: Town of Newcastle take over administration
and invest Montague Trust., using their judgement, but Town Bonds, if and
when issued, and there would be no charge for handling Montague Trust fund.
This was seconded by Mayor Rickard and carried Couch and Hoogkamp opposed.
Garnet suggested Town treasurer shall notify any dealings regarding
Montague Trust to Community Ball board and alsp copy of original will
to be formarded.
Brenton asked re: letter received Jan 12/83 re:budget request meeting
Feb 3/83 . Not necessary unless explanation of capital expenses are in
budget.
Garnet inquired about Board member not attending meetings, due to
shift work) procedure wi.,l be looked into for elected members.
Meeting adjourned.