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<br />VIII. RESOLUTION ESTABLISHING A LIBRARY TRUST FUND <br /> <br />- <br /> <br />City Manager Mike Gleason introduced the item. He said the fund is a $5,000 <br />trust account to be established in the name of Clara Nasholm, a former Head <br />Librarian for the City. He said the interest generated from the account will <br />be used to purchase a special book series. <br /> <br />Mr. Bennett asked about combining the account with other City funds to achieve <br />a higher interest rate. Mr. Gleason said as part of the City's investment <br />policy all City cash. including trust accounts, is pooled together and then <br />redistributed. He said the total investments usually range from $15 million to <br />$20 mill ion. <br /> <br />In response to a question from Ms. Bascom about other library trust accounts, <br />Mr. Gleason said there are currently eight or nine separate library trust <br />accounts. He said the City tries to accommodate the donor's wishes to have <br />their name identified with a particular fund. <br /> <br />Mayor Obie asked for clarification of where the money is coming from. <br />Mr. Gleason said a fund was established after the death of Ms. Nasholm in <br />1983. The account grew to $5,000 over a two-year period when the Friends of <br />the Library Committee donated the money to the City of Eugene. <br /> <br />Res. No. 4073--A resolution establishing a Library Trust Fund. <br /> <br />Ms. Ehrman moved, seconded by Mr. Holmer, to adopt the <br />resolution. Roll call vote; the motion carried unanimously, <br />8:0. <br /> <br />- <br /> <br />IX. RESOLUTION CONCERNING FINANCIAL STATEMENTS AND CORRECTING <br />MEASURES <br /> <br />City Manager Mike Gleason introduced the item. Mr. Holmer gave a brief <br />report. He said the Audit Committee met with staff and representatives from <br />Peat, Marwick, Main and Co. to review the reports prepared by the financial <br />firm and staff. He said the committee found that the work of the City has been <br />well taken care of. <br /> <br />Res. No. 4074--A resolution accepting measures taken to correct <br />deficiencies disclosed in the Comprehensive <br />Annual Financial Report for the fiscal year <br />ending June 30, 1987. <br /> <br />Mr. Holmer moved, seconded by Ms. Ehrman, to adopt the <br />resolution. <br /> <br />Mr. Bennett said he appreci ated the opportunity to be a member of the <br />subcommittee and learn more about the audit procedures. He said judging from <br />the questions and answers from the council, the subcommittee is receiving a <br />strong effort from all the members. <br /> <br />e <br /> <br />MINUTES--Eugene City Council <br /> <br />January 6, 1988 <br /> <br />Page 7 <br />