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Commission urged to recommend new foundation representative as Wells Fargo transfer proceeds
Summary
Commission members discussed the Thomas Balch Library Endowment Foundation, ongoing transfer of funds from Wells Fargo, board vacancies and a 2013 special act of the Virginia General Assembly authorizing the foundation arrangement.
Commission members discussed the Thomas Balch Library Endowment Foundation, legal steps that created it and a long-running effort to transfer a restricted trust from Wells Fargo into the foundation.
"We had to go to the Virginia General Assembly in 2013 and get them to pass a special act of the General Assembly and get the governor to sign it," a commission member said while describing legal steps the town took to enable the foundation's governance.
The foundation currently needs to fill multiple board positions, the director…
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