Trustees of Trust Fund
AuthorityThe Trustees of the Trust Funds are charged, by State Statute, with the responsibility to manage the Trust Funds entrusted to them using prudent investment strategies. Funds managed by the Trustees fall into two categories: Non-expendable and Expendable. Non-expendable funds are those for which only the earned income can be expended. Expendable funds are those for which principal and earned income can be expended. Capital Reserve Funds are one type of Expendable fund. They are created at Town or School District Meetings when a Warrant Article is passed that establishes the Fund. Monies for Capital Reserve Funds can be withdrawn either as a result of a Warrant Article at a subsequent Town or School District Meeting; or by the "agent of record" designated in the enabling Warrant Article. In the latter case no further action at subsequent Town Meetings is required to expend monies from the Fund. Cemetery Perpetual Care and The JN Hills Library Fund are examples of the Non-expendable Funds. Disbursement of monies from any Fund managed by the Trustees is dependent upon the terms of the Fund when it is created.
The Trustees of the Trust Fund usually meet the fourth Thursday of the month at 3:00 PM, or as needed. The public is invited to attend at Town Hall in the lower level Buxton Community Development Meeting Room.