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►Library
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Other members noted that both the county auditor and the state library board had been told that the stocks had been sold.
Early this year the Library Board following the advice of its finance committee decided to divide library investments into two endowment funds, one intended to earn income for library operation and the other invested for growth over time. The Library Board bought treasury bonds with the funds earmarked for income.
$21,500 of the funds to be invested for long-term growth have come from the estate of Ann Phelps Lane, who died in October 1991. This money is invested in a savings account at the Rappahannock National Bank. The Library Board expects to receive more funds from that estate when it is settled. The stock proceeds were to be added to this fund.
At last Wednesday’s meeting member Frank Warner said that the experience should benefit the board by forcing the board to engage in “self-analysis." He suggested that board needs to follow up on decisions to see that they are carried out. “If we followed the by-laws closely, this would not happen,” he said. “The treasurer has the responsibility to make sure she carries out the directions of the board, and if a complication arises to discuss it.”
Mrs. Jamieson said the decision to sell the stocks had been taken “hastily.” She suggested the board vote to rescind its February decision.
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