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Home My WebLink About25 - Library Improvements Russell TrustCITY OF NEWPORT BEACH CITY COUNCIL STAFF REPORT Agenda Item No. 25 December 9, 2003 TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: LIBRARY SERVIC LINDA KATSOUL S, L'iBRA DIRECTOR, 949 - 717 -3810 lindak@city.newport-beach.ca.us SUBJECT: TO ACCEPT A CHECK FROM THE HELEN L. RUSSELL LIVING TRUST IN THE AMOUNT OF $21,645.94 MADE PAYABLE TO THE NEWPORT BEACH PUBLIC LIBRARY FOR THE PURPOSE OF LIBRARY IMPROVEMENTS. Approve a Budget Amendment in the amount of $21,645.94. DISCUSSION: The Newport Beach Public Library has received a check from the Helen L. Russell Trust in the amount of $21,645.94. This check represents the final distribution of the Newport Beach Public Library's 2% remainder interest in the Trust. The Trust stipulates that the money is to be used for library improvements. The check will be presented to the City Council and deposited into revenue account 450 -5901, Mariners Library/Private Donations and Contributions. When appropriated funds will be used for the new Mariners Library. Submitted by: L' da Kann bas, Library Services Director �fr1la%L: R,ugiffAhnini+t Trust `:` - OZ7, 575AninnAvdste 635' -.:. Cana'. &sa, CA 32626 d- .. _- (714) 9i8 -6301',-,. .r G', 77.7 , ! ,Pm wClot Sa dTYNATIONAL� isn Aa BANK scaloo —I /�/ i .ca ezeiz FOR F/ 12 20 160661:1027i`023B 20552nn w s 'Y d- RECEIPT FOR FINAL DISTRIBUTION i hereby acknowledge receipt of a check in the amount of $21,645.94 from Janet Aldrich, Trustee of the Helen L. Russell Living Trust, representing the final distribution of the Newport Beach Public Library's 2% remainder interest in the Trust. Dated: vC j 2003 Newport Beach Public Library 3 ROBERT S. COLDREN GARY R. KING C. WILLIAM DAHLIN RACHELLE E. MENAKER ROBERT J. MULVIHILL ROBERT G. WILLIAMSON. IR. ANDREW C. KIENLE STEVE M. DRISCOLL JOHN A. MARLO. III DAVID C. BAKER MARK D ALPERT KRISH.AS S CHOPRA November 7, 2003 HART, KING & COLDREN A PROFESSIONAL LAW CORPORATION WEB: www.hkclaw.wm 200 EAST SANDPOINTE, SUITE 400 DIRECT ALL MAIL TO: P.O. BOX 2507 SANTA ANA, CALIFORNIA 92707 TEL: (714) 432 -87001 FAX: (714) 546 -7457 EMAIL: amyv @hkclaw.com KORTHER.N CALIFORKIA OFFICE SANTA ROSA CERTIFIED MAIL RETURN RECEIPT REQUESTED Newport Beach Public Library 1000 Avocado Avenue Newport Beach, CA 92660 Re: Estate of Helen L. Russell Dear Sir/Madame: WILLIAM R. HART JOHN H. PENTECOST CHRISTOPHER R. ELLIOTT RICHARD P. OMER LINDA 1. LESTER ANDREW M. SUSSMAN ION C. FEDER AMY VAUGHN MONICA E. BANAS LISA S. CCSHMAa' STEVEN 1 LOWERY OF COUNSEL: MICHAEL]. SCHROEDER. P.C. HARRIET B. ALMON Our File Number: 36803.002 On behalf of Janet Aldrich, Trustee of the Helen L. Russell Living Trust, we are enclosing a check payable to you in the amount of $21,645.94, which represents the final distribution of your interest in the trust as a 2% remainder beneficiary. In that regard, also enclosed is a document entitled "Receipt for Final Distribution" (the "Receipt'). Please sign and date the Receipt, acknowledging that you have received the check, and return the Receipt to our office in the enclosed envelope. At this tune, we are enclosing the Summary of Final Account for the Helen Russell Trust for the period beginning November 1, 2001 and ending November 5, 2003. This accounting contains information regarding all receipts, disbursements and distributions of principal and income thathave occurred during the accounting period, as well as assets and liabilities of the Trust at the beginning and end of the accounting period. As a beneficiary of the Trust, you may petition the court pursuant to Probate Code Section 17200 to obtain a court review of the accounting and of the acts of the Trustee. Claims against the Trustee for breach of trust may not be made after the expiration of three years from the date you receive an accounting which discloses facts giving rise to the claim. y HART, KING & COLDREN A PROFESSIONAL LAW CORPORATION Newport Beach Public Library November 7, 2003 Page 2 If you have any questions concerning the trust, the schedules oryour final distribution, please do not hesitate to contact me. Very truly yours, HART, KING & OLDREN Am . Vaug /� i AA Imp Enclosures cc: Janet Aldrich, Trustee Paul J. Irving, C.P.A. Letters re final dsit ibutio=.wpd 5 City of Newport Beach BUDGET AMENDMENT 2003 -04 EFFECT ON BUDGETARY FUND BALANCE: Increase Revenue Estimates Increase Expenditure Appropriations Transfer Budget Appropriations SOURCE: from existing budget appropriations X from additional estimated revenues from unappropriated fund balance EXPLANATION: NO. BA- 017 AMOUNT: $z1,ea5.sa X Increase in Budgetary Fund Balance AND Decrease in Budgetary Fund Balance No effect on Budgetary Fund Balance This budget amendment is requested to provide for the following: To increase revenue estimates due to receipt of the final distribution of the Helen L. Russell Trust. ACCOUNTING ENTRY: BUDGETARY FUND BALANCE Fund Account 450 3605 REVENUE ESTIMATES (3601) Fund /Division Account 0450 5901 EXPENDITURE APPROPRIATIONS (3603) Division Number Account Number Division Number Account Number Division Number Account Number Division Number Account Number Signed: Signed: Signed: Description Mariners Library Fund Balance Description Mariners Library - Donations /Contrubtions Description Financial Approval: Admini five Services Director Administrative provalk City Manager City Council Approval: City Clerk Amount Debit $21,645.94 Credit_ $21,645.94 Date D to Date