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HomeMy WebLinkAboutMINUTES - 09241996 - P1 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Order on September 24 , 1996 by the following vote: AYES: Supervisors Rogers, Bishop, DeSaulnier, Torlakson and Smith NOES: None ABSENT: None ABSTAIN: None SUBJECT: ACCEPTING THE PROCEEDS OF ) THE STORMS LIVING TRUST ) Resolution No. 96/ 155 AND ESTABLISHING THE WILRUSS ) CHILDREN' S LIBRARY TRUST ) Wilma C . Storms, deceased, established the Storms Living Trust, a copy of which is attached hereto . That trust provides for distribution of the trust assets, after payment of the expenses of the settlor' s estate, to the County of Contra Costa for the establishment of the Wilruss Children' s Library Trust, upon terms and conditions expressed therein . The County Administrator and the County Librarian recommend that the Board of Supervisors accept the proceeds of the Storms Living Trust and establish the Wilruss Children' s Library Trust . Upon such recommendation, IT IS BY THE BOARD ORDERED: 1 . On behalf of the County of Contra Costa, the Contra Costa County Board of Supervisors accepts the proceeds of the Storms Living Trust, pursuant to Government Code section 25355 , and establishes the Wilruss Children' s Library Trust, as follows : 2 . The proceeds of the Storms Living Trust shall be placed in an interest bearing separate trust fund (the Wilruss Children' s Library Trust Fund) by the Auditor-Controller and invested at the sole discretion of the County Treasurer. The Auditor-Controller shall in his discretion determine the income of said fund per fiscal year. 3 . The yearly income of said account shall be used as follows : A. For the establishment of an area approximately 400 square feet in size in an existing library building in a socially and economically disadvantaged area operated by the Contra Costa County Library System for the use of children ages one through and including seven years . For furnishings for said area, including tables , chairs and book shelves . For the acquisition of a book collection to be shelved in said area which includes materials which instill sound moral and ethical principles , strong patriotic values, and materials which stimulate the imagination of children such as traditional fairy tales . B. For the design and maintenance of programs which promote literacy and 'a lifelong love of books and reading in socially and economically disadvantaged areas of Contra Costa County, and For the building, remodeling, decorating, furnishing and enrichment of the children' s areas of public library buildings which are operated by the Contra Costa County Library system. Resolution 96/__5, l C . Income of said account not expended in any year may be held over and expended in a subsequent year. 4 . The principal of said account shall not be invaded for any purpose, provided, nevertheless that trust funds may be used to pay claims against the Estate of Wilma C . Storms, approved by the Trustee of the Storms Living Trust and the County Librarian . The approval of the County Librarian shall not be unreasonably withheld. 5 . The Wilruss Children' s Library Trust account income shall be administered by the County Librarian . The County Librarian shall file an annual report on the operations of the Wilruss Children' s Library Trust with the Board of Supervisors . Such report shall include: A. The amount in the fund at the end of the previous year. B. The amount in the fund at the end of the current year. C . The amount earned during the current year. D. The amount expended during the current year and the general subjects of expenditure. E . The amount then available for expenditure. 6 . The County Librarian is authorized to accept on behalf of Contra Costa County such distributions of property from the Storms Living Trust as may be made and is directed to report to the Board of Supervisors as provided in Government Code section 25355 . 7 . The Board of Supervisors expresses its thanks on behalf of the people of Contra Costa County to Wilma C . Storms for her generous gift and to Joyce B. Ellis , Trustee of the Storms Living Trust, and James Ellis., for their efforts in carrying out Ms . Storm' s wishes . H:/fbent/aww/Storm.Res ; Orig. Dept: County Counsel cc : County Librarian Joyce Ellis , Trustee 1 hereby certify that this Is true and correct copyof an action taken and entered onthe minutes of the nt Board of Su _ ATTESTED: 1441— PH IL BATCH OR Clerk of a eobrd " d0Ou ministrator Byv .Deputy Resolution 96/355 QI County Library Contra Anne Marie Gold County Librarian 1750 Oak Park Boulevard Costa Anne Henley Cain s Pleasant Hill,California 94523-4497 s Assistant County Librarian (510) 646-6423 Count Y FAX(510)646-6461 SE L September 24, 1996 n. 4:5 "v c�srAcou PRESS RELEASE For Further Information Contact: Anne Marie Gold, Contra Costa County Librarian (510) 646-6423 CONTRA COSTA COUNTY LIBRARY TO BENEFIT FROM$1.6 MILLION TRUST FOR CHILDREN'S SERVICES The Contra. Costa County Library, Pleasant Hill, California today announced that it had been named as the recipient of the Wilruss Children's Library Trust, currently valued at $1.6 million. Wilma Storms, long time resident of Orinda. California, created the Wilruss Children's Library Trust and left all her assets to the trust to improve library services to children in Contra.Costa County. The library will be able to expend the income from the trust generated by the trust annually but not dip into the trust principal. Based on current yields, the trust should generate approximately$100,000 per year. The library will be working with staff, the Contra Costa County Library Commission and community groups serving children, to develop an appropriate plan for the expenditure of the income from the trust.. In keeping with the spirit of Mrs. Storms in establishing the trust, the focus of any program funded by the trust will be to promote literacy and lifelong love of -more- o:yw=\wihw&doc 1 Wilruss Children's Library Trust September 24, 1996 Page 2 books and reading for children, particularly by means of programs which traditionally have not been able to be funded by the library within its current budget constraints. County Librarian Anne Marie Gold commented that "The Contra Costa County Library is extremely fortunate in having been named the recipient of the Wilruss Children's Library Trust. Mrs. Storms was a lovely, kind woman who I had the privilege of meeting once. She clearly had the best interests of the children of Contra Costa County at heart and her generous donation will greatly benefit these future generations of children." Over the years library services have been enhanced by means of significant trusts established by local residents, such as the Davi Trust in Pittsburg and the Casey Trust in Walnut Creek. Gold noted that "Trusts can be an important component in the ongoing effort to improve library services and funding in Contra Costa County." o:\prm\wihuss.aoc 2 DATE: September 13, 1996 TO: Board of Supervisors FROM: Anne Marie Gold,County Librarian SUBJECT: Wilruss Children's Library Trust The County Librarian recommends adoption of the attached Board Resolution to: 1. Accept the proceeds of the Storms Living Trust 2. Establish the Wilruss Children's Library Trust In 1989 Mr. and Mrs. Russell Storms contacted then County Librarian Ernie Siegel about a proposed donation to the County Library. Over the next two years both Ernie and I worked with Mrs. Storms, who was subsequently widowed, on a possible focus for her donation. In December 1990 I had the privilege of joining Mrs. Storms for lunch to discuss her planned donation with its focus on enhancing library services for the children of Contra Costa County. In January 1991 I provided Mrs. Storms with some possible language for a trust document. This was my last contact with Mrs. Storms. Mrs. Storms died on April 1, 1996. On April 2, 1996 the County Library was advised that it had been named to receive the proceeds from the Storms Living Trust, valued at approximately $1,600,000, which had been established by Mrs. Storms. Conditions of the trust require that all proceeds from the trust be placed in a new trust fund(the Wilruss Children's Library Trust) for the benefit of library services to children in Contra Costa County, as outlined in the attached Board Resolution. Terms of the trust authorize the County Librarian to expend earnings from the trust each year and to carry over any unspent earnings from prior years. In no case is the principal amount to be invaded, other than to pay approved claims against the Storms Living Trust. There is also a provision for an annual reporting to the Board of Supervisors on the Wilruss Children's Library Trust. Joyce Ellis, Trustee of the Storms Living Trust, has advised that it is her goal to completely liquidate the trust by December 31, 1996, transferring all proceeds over to the newly created Wilruss Children's Library Trust Fund by that time. Liquidation of assets has been a major undertaking by the trustee, involving the appraisal and sale of real property, sale of a substantial stock and bond portfolio, arranging for short term investments in Certificates of Deposit pending establishment of the new trust, transferring items of value to an antique dealer for sale, selling of an automobile and arranging for a garage sale. The excellent work of Mr. and Mrs. James Ellis will result in significantly maximizing the proceeds going into the new trust. Mr. and Mrs. Russell Storms were long time residents of Orinda, having settled here in the early 1950's after relocating from the East. Mr. Storms had a long career with IBM and Mrs. Storms worked in the financial field. Mrs. Storms had a long time interest in writing and was a prolific writer. The library has been able to acquire a substantial portion of her unpublished writings, as well as other personal memorabilia from the Storms'. The Storms materials are held at the Central Library as part of the library archives. While the Storms were childless they obviously had a strong interest in and commitment to improving library services for the children of Contra Costa County. The County Library will be working with staff, the Library Commission, and community groups serving children, to develop an appropriate plan for the expenditure of the income from the Wilruss Children's Library Trust. In keeping with the spirit of the Storms in establishing the trust,the focus of any program funded by the trust will be to promote literacy and lifelong love of books and reading, particularly by means of programs which traditionally have not been able to be funded by the library within its current budget constraints. Given the approximate $1.6 million value of the trust, it is estimated that it should provide an annual income stream of nearly$100,000. The County Library is extremely fortunate in having been named the recipient of the Wilruss Children's Library Trust. Mrs. Wilma Storms was a lovely, kind woman who clearly had the best interests of the children of Contra Costa at heart and whose generous donation will greatly benefit these future generations of children. iAamg\wilruss