1857-04-06 Trustee Committee Report on the Permanent Fund, 2021.004.042

The undersigned,^{the majority of the Committee}who were appointed a ^appointedCommittee to report a plan for insuring the preserva= tion and continuance of the accumulating fund - have considered the subject and ask leave to repott;

That they find that the establish= ment ofto the said Fund is an act generally re= ceived with favor by the Proprietors, whom they have conferred with; and they have no doubt that it will be universally approved, when it is known, that by it the future prosperitiy of the Cemetery will be secured. With a view to this end, your Committee have taken into consideration the means of securing the perpetual preservation of this safety fund; and after consulting some of the most sagacious pro= prietors, they have come to the conclusion to recom= mend the adoption of an order by the Trustees, - that in all the deeds of lots which shall hereafter be issued, there be inserted a covenant, that this fund shall be increased by yearly additions and by the accumulation of the interest, until it reaches the sum of two^one hundred ^{& fifty} thousand dollars; when the interest, and that alone, may be applied, if the wants of the Corporation require it, to the pay= ment of the expenses of the Cemetery. If the Trustees in office at that tine shall not need the income of this fund for expenses, they can if they see fit, permit it to accumulate still longer,

In order to carry this design into effect, it will be expedient to amend the proposition adopted January 5^th 1857 by providing, that instead of placing the income at the disposal of the officers at the end of twenty years, it shall not be made use of until the accu= mulated capiatal shall amount to the sum before mentioned, namely two^{one hundred} & fiftythousand dollars.

With these views your Committee recommend the

passage of the following orders:

Charles P. Curtis Charles C. Little

It is orderedby the Trustees of the Cemetery of Mount Auburn, that in the month of December of each year, the Treasurer of the Proprietors of the Cemeery of Mount Auburn shall deposit with the Massachusetts Hospital Life Insurance Company, if they will receive it on as favorable conditions as other deposits, in trust for the said Proprietors a sum equal to one fifth part of the gross proceeds of the lots and parts of lots and intermediate spaces between lots, which shall have been sold subsequently to the first da of December in the year preceeding; the interest of which sums shall annually^{or oftener}be added to the capital, for the purpose and upon the principles of accumulation; until the whole of said deposits, with the accumulated interest, shall amount to one hundred and fifty thousand dollars.

And when the said fund shall have amounted to the sum of onetwohundred^{& fifty}thousand dollars, it shall be lawful for the Trustees if they see fit, to withdraw the income thereof and appropriate the same to the care, preservation, and keeping in order of the Cemetery and its appurtenances, to the payment of the salaries, and to the other necessary expenses of the Institution; And by vote of fourfifths of the Trustees for the time being, they may withddraw from time to time, the principal of the said Fund, and invest the same as hereinafter is prescribed.

If, at any time, the Trustees shall deem the Massachusetts Hospital Life Insurance Company, to be an unsafeplaceofdepositof the said fund,

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and shall by a vote of a majority of all the members of the board so declare of record, the said fund may be with= drawn from the custody of the said Insurance Company, as soon as by the conditions of the deposit it may be, and shall then be invested in the name of the Proprietors of the Cemetery of Mount Auburn upon the same trusts, in the public Debt of the United States, or in that of the State of Massachusetts or in the debt of the City of Boston or the City of Charlestown, or the City of Rox= bury or the City of Cambridge, or in mortgages of real estate in Boston; provided that no mortgage shall be taken for a sum exceeding two thirds of the value of the estate as it stands, when taken, on the valuation books of the assessors of the City taxes; - nor for a period exceeding five years; nor,ⁱⁿ which the interest shall not be payable as often as annually; to which shall be added, insurance against fire by some competent insurance company in Boston, for the amount of the loan, or such proportion thereof as the value of the buildings on the land shall enable the owner to obtain; which insurance shall be renewed from time to time at the expense of the Mortgagor, and his assigns, and shall be payable, in case of loss, to the Trustees of the Cemetery of Mount Auburn.

It is orderedthat in all the Deeds which shall hereafter be issued to the purchasers of lots, parts of lots, or other parcels of land in the Cemetery, the follow= ing covenant shall be inserted -

"And the same proprietors^{of the Cemetery of Mount Auburn}further covenant to and with the said

heirs and assigns, that the provisions of an order passed by the Trustees of this Corportion on the sixth day of April, ^{in the year} Eighteen hundred and fifty seven, (which is made part of this covenant as if herein repeate,) for the establishment and security of a fund for the preservation of the Cemetery and its appurtenances,

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shall be forever kept , observed, and perormed by the said Corporation

Permanent Fund Report of Com^eeon- Presented & adopted in Board of Trustees April 6^th 1857