81-001 Stella Kester Trust - Donation for Senior Center card roomTRUST AGREEMENT
AL CARTER and J. ROBERT DEMPSTER, as Trustees
of the STELLA KESTER TRUST, hereinafter called "Trustors,"
hereby transfer and deliver to the City Manager of the
City of Cupertino, ROBERT QUINLAN, the Mayor of the City
of Cupertino, BARBARA ROGERS, the Director of Parks and
Recreation for the City of Cupertino, STEVE DOWLING,
J. ROBERT DEMPSTER, and AL CARTER, hereinafter called the
"Trustees," all the property described in an inventory
attached hereto marked Exhibit "A" to constitute the
Trust Estate of an express trust and to be held, adminis-
tered, and distributed by the Trustees as provided in this
Agreement.
ARTICLE I.
NET INCOME OF TRUST
1. The Trustees shall pay to or apply for the benefit
of the City of Cupertino, herein called "beneficiary," in
annual or more convenient installments, so much of the net
income from the Trust Estate as is necessary to:
A. Reimburse the City of Cupertino for those
additional costs incurred in the construction
of the Cupertino Senior Citizens Center which
are attributable to that portion of said
building commonly known as the Stella Kester
Room. Said additional construction costs are
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in the amount of $3,030.91 as per Invoice
Number 79-15, prepared by the City of Cupertino
and signed by J. Richmond of the Finance Depart-
ment of the City of Cupertino.
(1) The "Cupertino Senior Citizens Center"
is herein defined as that structure
located at the corners of Stevens
Creek Boulevard and Mary Avenue, in
the City of Cupertino, County of Santa
Clara, State of California.
B.
Reimburse the City of Cupertino for the cost
of the furniture located in the Stella Kester
Room of the Cupertino Senior Citizens Center.
Said cost is in the amount of $6,573.77.
C.
Refurbish the furniture located in the Stella
Kester Room, from time to time as the Trustees
may in their absolute discretion, deem necessary
or desirable; and
D.
In the event that there is any unexpended portion
of the net income of the Trust Estate, refurbish
the furniture located in the lounge in the
Cupertino Senior Citizens Center, as the
Trustees may, in their absolute discretion,
deem necessary or desirable.
2. Any
net income not distributed shall be accumulated
and added to
principal.
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ARTICLE II.
TERMINATION OF TRUST
1. Twenty-one (21) years after the date of death of
J. ROBERT DEMPSTER or AL CARTER, whichever event shall
occur later, this trust shall terminate and all the Trust
Estate then in the hands of Trustees shall go and be,
by the Trustees, transferred, conveyed, and delivered,
free of trust, to the City of Cupertino. It is the Trustor's
wish that the Trust Estate thereafter be used to fund programs
and services designed by the City of Cupertino to meet the needs
of its senior citizens.
ARTICLE III.
POWERS OF TRUSTEES
1. The Trustees shall have the power to invest and
reinvest trust funds in the following kinds of property,
and in none other: bank deposits in accounts which are
federally insured and which bear the highest interest
rate available at the time of deposit.
2. The Trustees shall have the power to manage,
control, sell, convey, and exchange trust property.
3. The Trustees shall have the power to commence
or defend such litigation with respect to the trust or
any property of the trust estate as the Trustees may
deem advisable, at the expense of the trust.
4. The Trustees shall have the power to compromise
or otherwise adjust any claims or litigation against or
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in favor of the trust.
5. The determination of all matters with respect
to what is principal and income of the trust estate and the
apportionment and allocation of receipts and expenses
between these accounts shall be governed by the provisions
of the California Principal and Income Law from time to
time existing. Any such matter not provided for in the
principal and income law shall be determined by the Trustees
in the Trustees' discretion.
6. Any actions taken by a majority of the Trustees
shall be binding upon this Trust and may be relied on by
third parties dealing with the Trustees.
ARTICLE IV.
RESIGNATION AND C014PENSATION
OF TRUSTEES
1. The Trustees shall have the right to resign at
any time, and on such resignation the remaining Trustees
shall appoint a successor Trustee; provided, however, that
if the resigning Trustee is the City Manager of the City
of Cupertino, the Mayor of the City of Cupertino, and/or
the Director of Parks and Recreation for the City of
Cupertino, then the successor trustee appointed to fill
said vacancy shall be that person who succeeds the
resigning trustee in his or her municipal capacity.
In the event of the failure, refusal, or inability
of the remaining Trustees to appoint such a successor
Trustee, the Trustees or any beneficiary of this trust
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may secure, at the expense of the trust, the appointment
of a successor trustee by a court of competent jurisdiction.
2. Any successor Trustee appointed as provided in
Section 1 of Article IV of this Agreement because of the
death, resignation, or other act of the Trustees, shall,
on such appointment being made, immediately succeed to
all title of the Trustees to the Trust Estate and to all
powers, rights, discretions, obligations, and immunities
of the Trustees under this Agreement with the same effect
as though such successor Trustee was originally named as
one of the Trustees in this Agreement.
3. No bond shall be required of any person named as
a Trustee under this Agreement, or of any person as a
Trustee in the manner specified in this Agreement, for the
faithful performance of duties as a Trustee.
4. Each trustee shall be entitled to compensation
as follows:
A. $50.00 for attendance at each annual meeting;
and
B. $50.00 for attendance at each special meeting
called by the Board of Trustees.
5. Upon proper proof, each trustee shall be entitled
to reimbursement for transportation expenses incurred in
travelling from the trustee's residence to the City of
Cupertino for the purpose of attending meetings of the
Board of Directors.
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ARTICLE V.
IRREVOCABILITY OF TRUST
1. This trust is irrevocable and may not be modified
or amended in any way.
ARTICLE VI.
CONSTRUCTION OF TRUST
1. The Trust created by this Agreement has been
accepted by the Trustees in the State of California,
will be administered by the Trustees in the State of
California, and its validity, construction, and all rights
under it shall be governed by the laws of the State of
California.
2. Should any provision of this Agreement be or
become invalid or unenforceable, the remaining provisions
of this Agreement shall be and continue to be fully
effective.
Executed on 19 , at
Santa Clara County, California.
APPROVED:
19
ATTORNEY FOR TRUSTORS
TRUSTORS:
AL CARTER '
WITNESS:
Blaine Snyder
STATE OF CALIFORNIA
TRUSTEES:
wl�
CARTE R
ROBERT QUINLAN, City Manager of
City of Cupertino
BARBARA ROGERS, Mayo Qf the
City of Cupertino
r
STEVE DOWLING, Director of
On January 8, 1981 before me, the undersigned, a Notary Public
in and for said State personally appeared Robert W. Quinlan, City Manager
and Stephen Dowling, Director of Parks and Recreation
known to me to be the person s whose names are subscribed to the within
instrument and acknowledged that they executed the same.
WITNESS my hand and official seal.
OFFICIAL SEAL vV
DOROTHY MARIE CORNELIUS
Signature 4 NOTARY PUBLIC • CAUF;,r,NIA
SANTA CLARA CUvry i Y
Dorothy M rie Cornelius R MY commission Expires Feb. 17, 1984
Notary Public, State of California Gc9GC9Gc9000c�G(9GUCUc�,w:�Gv�x��V�
Name (Typed or Printed)
(This area for official notarial seal)
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Cash in the sum of $30,000.00