PILLAR: Vibrant
AGENDA DATE: June 24, 2026
COUNCIL DISTRICT(S): Citywide
DEPARTMENT: Library
PRIORITY: N/A
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SUBJECT
Title
Authorize the (1) acceptance of funds from an anonymous donor in the form of cash and securities to support programming and services at the Dallas Public Library into a City held brokerage account in the estimated value of $2,800,000.00; (2) the immediate sale of held securities and transfer of proceeds and cash from City held brokerage account to City holding account; (3) acceptance of cash from the future sale of mineral rights in an estimated amount of $25,000.00 to the City holding account; (4) establishment of appropriations in an amount not to exceed $560,000.00 in the Library Family Donation Fund; (5) transfer of all cash proceeds from the sale of securities and mineral rights into the Library Family Donation Fund; and (6) execution of the Agreement of Trust Termination and Beneficiaries; Release and Refund Obligation to Successor Trustee of the Residue Trust under the Will of REDACTED and all terms, conditions, and documents required by the agreement - Total Estimated Revenue: Library Family Donation Fund $2,825,000.00
Body
BACKGROUND
The will was admitted to the Probate Court of Dallas County, Texas in March 1975 creating the Residue Trust.
Upon the death of the last Trustee, in December 2023, the Trust was terminated with the remaining trust assets to be distributed evenly amongst five beneficiaries. Trust assets include cash, marketable securities and mineral interests in Yoakam and Rusk Counties in Texas.
The agreement authorizes the partial disbursement of the cash and marketable securities and for the trustee to sell the mineral rights. After the sale, proceeds and any remaining funds minus all payments of administrative expenses will be evenly disbursed amongst the beneficiaries. The gifts to the beneficiaries are to be used for the long-term educationa...
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