Resolution No. 99-29 TIGARD,OREGON
RESOLUTIONNO.GI•?c'
A RESOLUTION OF THE CITY OF TIGARD,OREGON,ACCEPTING A DONATION FROM
THE REVOCABLE LIVING TRUST OF GRACE T.HOUGHTON.
WHEREAS,under the terms of the Trust of Grace T.Houghton,the Tigard Public Library is entitled to
receive a bequest, legacy, or gift of one-third(1/3)of the residue of the Trust,which gift U.S.Bank as
Trustee of said estate is prepared to deliver;and
WHEREAS, under the terms of the Trust the funds donated must be used in accordance with specific
instructions left by Grace T.Houghton;
NOW,THEREFORE,THE CITY OF TIGARD RESOLVES THAT:
SECTION 1: The Tigard%ivy Council accepts the said give on behalf of the Tigard Public Library in
accordance with the terms of the said Trust.
SECTION 2: The Tigard City Council authorizes the City Manager and the Director of Library
Services to receive said gift and to execute and deliver to the U.S. Bank, Trustee, a
suitable and sufficient receipt evidencing the delivery and payment thereof to the Tigard
Public Library.
SECTION 3: The Tigard City Council directs the City Recorder to deliver to U.S. Bank a properly
certified copy of this resolution.
PASSED: By U/ G�r1i vote of all Council members present after being read
by number and title only, this /Lb day of 7 , 1999.
�CtiG_
'-Catherine Wheatley, City Recorder
APPROVED:By Tigard City Council this �f1 day of 1999.
Nicoli,Mayor
N Approved as to form:
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Date
wjs/ac W90024Aibrarydonatiomm l(4/28/99)
RESOLUTION NO.'�4 Page I
P 11 1 V A 'r E 1' I N A N C I A L S E R V I C E S
RANKING •TRUS'iINVESTMENT MA.NAGEMEN'r
April 14, 1999
Ms.Melinda Sisson,Director
Tigard Public Library
13125 c far Haff Bhrd.
Tigard,OR 97223
Re: Grace T.Houghton 97319970
Dear Ms Sisson:
As you may latow,Gfuce T.Houghton -wtcd a Revocable Living TruA with T7.S,Rank as
Successor Trustee at her death. Mrs.Houghton passed away on November 1, 1998. Upon her
death,the trust terminates. The terms ofthe trust state that the remaining share shall go to various
beneficiaries.
Mrs.Houghton has specifically devised the following items to Tigard Public Library:
To City of Tigard,Oregon Public Library:
Section CQ "One of such parts(.3333%ofthe remaining residue of the trust estate]to the
City of Tigard,Oregon,Public Library, established pursuant to ORS
357.400 et seq,or any successor,the principal thereofto be applied and
utilized inestablishing,furnishing,designating and supplying a room or area
to be known as the"Houghton Browsing Room",marked by a bronze
plaque;provided,that such funds may be so utilized only with respect to a
library building constructed on lands owned by the City of Tigard,or its
governmental successor; and farther provided,that the income from said
fund may,in the discretion ofthe City Library administration,be utilized
for general purposes of the Tigard City Library administration. It is my
intent herby that the principal of such fund shall remain intact except for
expenditures as hereinabove stated."
I want to take the opportunity to explain the trust distribution process to you:what we,as the
i Trustees,need to do before being able to disburse the funds,what is needed from you,and
approximately how long the whole process will take.
i
There are several matters that must be addressed for every trust that terminates. Briefly,the
general duties ofthe Trustee include raising funds to pay debts,taxes and other claims against the
AM trust,and distributing the assets according to the terms ofthe trust. Listed below is a description
ofthe major duties a Trustee must perform in the closing ofany terminati-E!Tn"st.
A.O.Bax 3168 nuS.OR 97208-3168 bank•
111 S.W.Fifth Avenue.Portland.Suite 600 Portland.OR 97204 (301)522-4100
1. Appraisals:
Alt rear rrn_rnrh_r and personal property will be appraised to date of death values. After these are
completed and all debts arid expenses are aid,we can start the distribution or iilc spcc fir personal
P T� P t,.,..:_.:
property items.
2. Individual and Fiduciary Income Tax Returns:
We will prepare the final income tax returns for Mrs.Boughton through her date of death.
Additionally,we will prepare the State and Federal fiduciary income tax returns for the trust at the
close of the calendar year 1999.
3. Form 706,Estate Tax]Returns:
Death tax returns are due nine months from the date of death. At this time it appears the gross
estate is over$625,000(the minimum for federal estate tax returns to be filed for 1998).
Therefore a U.S.Estate Tax Return will be required. Oregon no longer has an inheritance tax,
(however,a State Death Tax Credit is calculated as a deduction on the federal return,if a federal
zetura is filed). Since this estate appears to be over$625,000,we generally find the administration
takes close to two years to complete. This is due,in part,to the fact that the Internal Revenue
Service has eighteen months from the date of filing the Estate Tax Return,to complete their audit
of the return and notify us of any quesLons or changes they may have.
Now that you know what we do,it is time to explain what is needed from your organization.
Government regulations require that a W-9(Request for Tax Identification Number)be completed
by your organization and returned to us for our records. Enclosed is a form W-9. Please
complete the W-9 form with your organizations name,address,and Employer Identification
Number. Also enclosed is a corporate resolution. The forms need to be signed and dated where
indicated and returned to me in the enclosed self-addressed stamped envelope.
Enclosed is a statement for the period of November 1, 1998 through March 31, 1999. Once we
receive your organizations W-9 and corporate resolution,statements will be set up for direct
mailing to your organization.
i
" If you have any questions or concerns,please do not hesitate to call.
Sincerely,
e�V=, v /
Trust Officer I
(503)275-6656
(800)5314894