HomeMy WebLinkAboutRES 86-283 R E S O L U T I O N
WHEREAS, on December 30, 1985, the City of Beaumont
received One Hundred Thousand Dollars ($100,000) from Julie and Ben
Rogers to establish a trust for the benefit of the Julie Rogers
Theatre to ensure that the interior of the building will be
maintained in excellent condition; and,
WHEREAS, the funds were invested in a Certificate of
Deposit and Five Thousand Five Hundred Seventy Dollars and Twenty-
Seven Cents ($5,570.27) of interest will be received October 1 ,
1986, from the initial investment; and,
WHEREAS, three (3 ) persons have agreed to serve as a
committee to direct the application of the trust fund, Maurice
Meyers, Regina Rogers and Milton Bell with Julie and Ben Rogers
serving as ex-officio members;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the City Manager be, and he is hereby, authorized to execute
the Trust Agreement attached hereto as Exhibit "A" for the
management of the trust for the Julie Rogers Theatre.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the day of � 11 1986.
Mayor -
AGREEMENT
This agreement is made between the City of Beaumont
("City") and Ben J. Rogers and Julie Rogers ("Rogers").
Rogers gave the City a check for $100,000 dated December
30, 1985, to establish a trust fund for the benefit of the
Julie Rogers Theatre. This Trust Fund is to be known as the
Julie and Ben Rogers Fund. The purpose of this agreement is to
establish guidelines for the use of this money and how this
fund will be operated.
The Julie and Ben Rogers Rogers Fund shall be subject to
the following conditions:
1. Three persons have agreed to serve as a committee to
direct the application of the trust fund and all earnings
therefrom: Mr. Maury Meyers, 2698 North Street, Beaumont,
Texas 77702; Miss Regina Rogers, 121 North Post Oak Lane,
Apartment 2401, Houston, Texas 77024; and Mr. Milton Bell, San
Jacinto Building, Beaumont, Texas 77701. In addition, Julie
and Ben Rogers will serve as members, ex officio during their
lifetimes.
2. It is understood and agreed that any expenditures
from the trust fund will be subject to approval of a majority
of the three persons then serving on the committee.
3. Should any one or more of the committee members be
unable or unwilling to serve on this committee at any time and
for any reason, those remaining committee members shall appoint
a substitute, restoring the number of committee members to
three.
4. The purpose of this fund is to ensure that the
Al interior of the Julie Rogers Theatre will always be maintained
in excellent condition. This fund is not to be used for the
exterior of the building or for operational items which are
normally budgeted by the City of Beaumont.
EX271b1t 11An
A G
5. It is agreed that an attempt will be made to use only
income from this fund for the purposes expressed. Principal
will be invaded only under conditions of unusual need and,
should that happen, income in the future will be used to
restore the fund to its original level.
6. This agreement is made and entered into this day
of 1986.
CITY OF BEAUMONT
BY:
CITY MANAGER
BEN J4,-ROLE S
n
J LIE ROGERS
A..