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Long Lake authorizes counsel to support trustees seeking modification of Whitney Industries Trust
Summary
The Board authorized Special Town Counsel and the Town Attorney to prepare consents and filings to support trustees of the Whitney Industries Trust in a contemplated modification/reformation intended to align trust language with the donor's charitable intent and to seek favorable tax treatment.
The Town Board on Feb. 25 authorized counsel to prepare petition materials, consents, and related documents to support the Trustees of the Whitney Industries Trust (dated Nov. 6, 2020) in a contemplated modification and reformation. The resolution states the objective is to align trust language with the public charitable purposes and intentions of the trust creator, John F. Hendrickson, and to ensure the most beneficial tax treatment of any proceeds that may flow to the Town.
Supervisor Clay J. Arsenault was designated as the Town's official representative with authority to execute required documents on behalf of the Town; the motion was adopted unanimously. The resolution is framed as a routine legal/administrative action (Type II SEQR) and directs Counsel to file necessary papers.
