Library Trustees: Guy Russell, Chairman

The Chairman opened the meeting at 3 o’clock PM.

1. Minutes of the meeting of August 6 ^th , 2008

Motion by John Demars
To accept the minutes of August 6 ^th , 2008 as presented
Seconded by Alston Barrett
Vote Aye - unanimous

2. Disbursement schedule to Library from 4 annual payments to biannual payments

Presently the Trustees of Trust Funds disburse funds to the Library four times a year. A discussion was held with Guy Russell, Chairman of Library Trustees, if it would be acceptable to disburse the funds twice a year, one covering January through June payable in July and one covering July through December payable in January. This would allow the Trustees of Trust Funds to accumulate and compound the interest in the Certificates of Deposit. Presently the interest is deposited into the concentration account, which earns very little.

Guy Russell would discuss it with the Library Trustees, but was confident that the new disbursement schedule would be acceptable.

Presently the Library is paid through May and it was decided that the Library would get one more check this year in January 2009 for the months June through December of 2008.

3. Outstanding check for Library

Guy Russell reported that the check had been located and deposited. John Demars confirmed that the check had cleared the bank.

4. File Cabinets

Motion by John Demars
To request Kathi Bradt to purchase 2 (two) four drawer lockable file cabinets for the records of the Trustees of Trust Funds
Staples order number 580326-B5 model H414PP
48 ¾ x 15 x 22" costing $129.99 each
Seconded by Alston Barrett
Vote Aye – unanimous

5. Third party custodian

Alston Barrett reported that the information can not be supplied electronically because of security. The address has been changed and the reports will be mailed to John Demars.

6. Visiting Nurse Association

Alston Barrett had called for an update. The Visiting Nurse Association will keep developing the program and will enlarge it if possible. Alston Barrett had informed them that more publicity of the program was necessary and in a more colorful form. He also requested to credit the Faithful, Richard and Clarence Jeffrey Memorial Visiting Nurse Funds. Alston Barrett has taken delivery of the publicity for the September 16 ^th Nurse is in Program, which features Bone Density Screening and Lung Health Assessment.
He will distribute them around town.

John Demars inquired if the Visiting Nurse Association has the capability to test for clogging of the carotid arteries. If so we should request it.

7. Bookkeeper’s report

John Demars submitted the Cash Receipts and Cash Disbursement Journal for the period ending 8/31/2008.

A certificate of deposit for $20,000.00 had matured and was deposited in the concentration account. The concentration account at this time only earns .089 percent. Current rates on CD’s are as follows:
Citizen Bank 90 days 2.52%, 180 days 2.8 %, 1 year 2.87 %.
Claremont Savings Bank 1 year 3.25 , 6 months 2.75
Laconia Savings Bank 6 months 2.5 %
Sunapee Bank 11 months 3.25%

For 6 months Certificate of Deposits the Citizen Bank seems to be competitive.

Motion by John Demars
To purchase a 6 months Certificated of Deposit for $20,000.00 for the Library funds at current rate
Seconded by Alston Barrett
Vote Aye – unanimous

The Capital Reserve Fund currently has a balance of $77,000.00. This balance has been undisturbed since January. If the Trustees would have known this money was not going to be used it could have been invested. This cost the Town roughly $1,500.00.

Motion by Alston Barrett
To be on the agenda of the Board of Selectmen meeting of September 29, 2008 to discuss the capital reserve fund
John Demars will attend on behalf of the Trustees of Trust Funds
Seconded by Alston Barrett
Vote Aye – unanimous

The Trustees discussed the available balance in the Cemetery Trust Funds available for investments.

Motion by John Demars
To transfer out of the concentration account $35,000.00 in order to purchase at current rates a Certificate of Deposit maturing in 6 months
Seconded by Alston Barrett
Vote Aye – unanimous

Next meeting is set for October 8 ^th , 2008 at 3 o'clock in the Acworth Town Hall.

Motion by John Demars
To adjourn the meeting
Seconded by Alston Barrett
Vote – Aye – unanimous