HomeMy WebLinkAboutContracts & Agreements_6-1964AGREEMENT
THIS AGREEMENT by and between the CITY OF REDLANDS, a
municipal corporation of the State of California, and WATCH0RN
LINCOLN ME14ORIAL ASSOCIATION, a non-profit corporation, is dated
the Ith I day of �_ril - - 1964.
RECITALS
1. By an agreement dated February 12, 1932, Robert and
Alma J. Watchorn granted a certain parcel of real property to the
City of Redlands and directed that it be sold with the proceeds
being deposited in the Watchorn Endowment Fund, hereinafter called
"Fund".
2. The Fund is to be prudently invested with all interest
and income being applied to the cost of maintaining, administering,
preserving, and operating the Lincoln Shrine.
3. The property was held by the City for a number of
years and eventually sold on February 23, 1946 for $5,000.00.
4. The Watchorn Lincoln Memorial Association is a non-
profit corporation endowed by the Watchorns, and charged by its
by-laws with the identical purpose for which the Watchorn Endowment
Fund was created.
5. The Fund has been deposited in the treasury of the
Watchorn Lincoln Memorial Association, and managed and invesL-ed in
accordance with the requirements of the 1932 agreement.
IT IS HEREBY AGREED as follows:
1. That the Watchorn Lincoln Memorial Association shall
be the agent of the City of Redlands, and the City Treasurer, for
the purpose of investing and reinvesting the Fund in safe and sound
interest -producing securities, the interest and income received
from such investments to be applied by such agent in defraying the
cost of maintaining, preserving, and operating the Lincoln Shrine.
2. That the Watchorn Lincoln Memorial Association accepts
appointment as agent to invest, and reinvest the Fund.
CITY OF REDLANDS,
By
"Riyor
WATCH LINCOLMv MEMORIAL ASSOCIATION
By-- �--�9- -
Presi nt `'-