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Item F01BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: November 17 2010 Division: Deputy County Administrator Bulk Item: Yes X No _ Department: Library Staff Contact Person/Phone #: Norma Kula / x7349 AGENDA ITEM WORDING: Approval of acceptance of the funds allocated to the Monroe County Public Library through the last will and testament of Margo Golan and approval for the Mayor to sign all related documents. ITEM BACKGROUND: The Last Will and Testament of Margo Golan, a long-time Library supporter, provided for the distribution of her estate following the death of her daughter, Kim Norton. 40% of the balance of that estate was designated for the Monroe County Public Library to be used exclusively for future capital expenditures. This distribution has now been prepared and payment is ready for the Library, pending approval and signature of the "Waiver of Claims and Release of Trustee." PREVIOUS RELEVANT BOCC ACTION: N/A CONTRACT/AGREEMENT CHANGES: N/A STAFF RECOMMENDATIONS: Approval. TOTAL COST: N/A INDIRECT COST: BUDGETED: Yes No DIFFERENTIAL OF LOCAL PREFERENCE: N/A COST TO COUNTY: N/A SOURCE OF FUNDS: REVENUE PRODUCING: Yes X No - AMOUNT PER Year $ 375,170.00 APPROVED BY: County A f_ c asing Risk Management DOCUMENTATION: Included X Not Required DISPOSITION: AGENDA ITEM # Revised 7/09 WAIVER OF CLAIMS AND RELEASE OF TRUSTEE WHEREAS, Margo Golan died on October 15, 1986; and WHEREAS, Article VIII of Margo Golan's Last Will and Testarne provi c o th , nt provided for c creation of a Charitable Remainder Unitrust within the meaning of Section 662(d)(2) of the Internal Revenue Code (the "CRUT"), and the CRUT was established and funded after the administration of Margo Golan's estate; and WHEREAS, Scott 0. Oropeza took over as Trustee of the CRUT in 1992, and has continuously served as sole Trustee of the CRUT ever since (the "Trustee"); and WHEREAS, the CRUT was paying an Eight Percent (8.0%) unitrust payment to Kim Norton from the time of the CRUT's creation through the death of Kim Norton; and WHEREAS, upon the death of Kim Norton, Forty Percent (40.0%) of the remaining balance of the CRUT is to be paid to the Monroe County Public Library, a division of Monroe County, Florida, a political subdivision of the State of Florida to be used exclusively for future capital expenditures, Forty Percent (40,0%) of the remaining balance of the CRUT is to be paid to the Key West Art and Historical Society, Inc., a Florida Not for Profit Corporation for to expand the art collection of the Society, and Twenty Percent (20.0%) of the remaining balance of the CRUT is to be paid to the Key West Art and Historical Society, Inc., a Florida Not for Profit Corporation for exclusively for future capital expenditures (each hereafter a "Remainder Beneficiary" and collectively the "Remainder Beneficiaries"); and WHEREAS, pursuant to EA1 5tat. s. 736,08135, the Remainder Beneficiaries were entitled to receive annual accountings and a final accounting setting forth among other things the manner in which the assets in the CRUT were invested, a description and value of the assets in the CRUT, the cash and property transactions that have occurred in the CRUT, the expenses of the CRUT, including Trustee's fees, legal fees and accounting fees incurred by the CRUT, and distributions from the CRUT; and WHEREAS, the Trustee has provided the Remainder Beneficiaries with substantial information regarding the assets of the CRUT and its administration since the Trustee assumed office; and WHEREAS, the Remainder Beneficiaries are satisfied that the« Trustee has administered the CRUT prudently, efficiently and has not breached his fiduciary duty, and in the interest of time, desire to waive their rights to receive annual accountings and a final accounting; and WHEREAS, the Remainder Beneficiaries understand and agree that, but for this Waiver and Release, they would have certain rights under Chapter 736 of the Florida Statutes to receive annual accountings and, a final accounting and to bring an action or actions against the Trustee for negligence, breach of fiduciary duty and/or breach, of trust.