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Resolution Accepting Bequest From Lucille E. Robison Living Trust to Ridge Manor Library
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BRIEF OVERVIEW
In 2013, Library was bequeathed funds from The Lucille E. Robison Living Trust to the benefit of “Ridge Manor Library.” The funds were to be distributed upon the death of her surviving son, Edward S. Robison. Since Mr. Robison has died, Wells Fargo Bank, N.A., as the current trustee of the trust, is now closing the accounts and distributing the assets. In order to receive the funds, Wells Fargo requires approval of a Refunding Agreement and a document entitled, “Direction to Distribute/Transfer Assets.”
Additionally, since “Ridge Manor Library” is not a legal entity, a resolution must be adopted to formally accept the bequest and designate the Clerk of Circuit Court and Comptroller as the authorized signer of any and all documents necessary to finalize receipt of the bequest. The resolution also specifies that the funds can only be used for the benefit of the Ridge Manor Branch Library.
FINANCIAL IMPACT
Funds will be recognized in Account No. 1781-04781-3669030 in a future board meeting.
LEGAL NOTE
The Board is authorized to act on this matter pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board adopt and authorize the Chairman’s signature on the attached proposed resolution accepting the bequest and designating Douglas Chorvat, Jr., as Clerk of the Circuit Court and Comptroller, to sign all documents necessary to receive the funds.