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.