Albion Trust

Purpose:    To manage funds generated through the operation of the Maple Grove Apartments.
    
Establishment:    On October 28, 1996, by Resolution 96-52, the City (Grantor) entered into a contract of trust to manage the money which was surplus from the Albion Building Authority’s operation of Maple Grove Apartments.  There is no provision for residency and no provision for amendment by the Grantor.  The first priority of the trust is to decease the Albion Building Authority bonds.  The surplus sums are in general available for council-requested municipal projects.
    
Membership:    Three Trustees.  The Trust’s Board appoints replacement trustees.
    
Residency:    At the discretion of the appointing authority.
    
Term:    Five years.
    
Meetings:    As needed.
    
Compensation:    None.

2022 Albion Trust Minutes 

        October 21, 2022