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City to accept trust distribution in securities; committee to name bank signers
Summary
The city will receive a trust distribution in the form of securities and must open or update an account (Bank of Charleston) and name current signers for Parks & Rec trust accounts; staff will update signer lists and consult bank for security and coverage options.
Finance Director (S1) told the committee the city will receive a trust distribution that the donors want kept in securities rather than liquidated to avoid immediate tax consequences for multiple beneficiaries; the city must set up an account at Bank of Charleston and designate signers to accept the securities distribution.
Members discussed that distributions will be kept as securities in-kind and that additional signers (city manager and a Parks & Rec commissioner) are likely needed; staff said they will contact the bank and arrange a presentation about security, bond coverage, and possible consolidation options for city accounts.
