Housing Board Asked to Consider Handling Spencer Trust Funds

Handling the millions of dollars in the Spencer Trust fund is the prime agenda item for the Tuesday meeting of the Barrington Housing Board of Trustees.

The board meets at 7 pm in the Barrington library board room on the second floor. 

“The Town Council has asked us to come up with a proposal to administer the Spencer Trust,” said Steve Martin, chairman of the housing board.

The Amey Tucker Spencer Fund – the Spencer Trust – holds about $3.35 million that is to be used for the “poor and unfortunate” in Barrington. It was set up in the will of Wilton Spencer, who died in 1936. 

Spencer designated only that the “town” administer the funds, which has been interpreted to mean the Town Council. That could change if the Town Council accepts the proposal to be developed by the housing board. 

The trust can distribute about $84,000 in interest each year. There is about $339,000 in interest that has built up over the past decade or so.

Here is the complete agenda for the meeting:

BARRINGTON HOUSING BOARD OF TRUSTEES 

7:00 p.m. Tuesday, September 17, 2013

Library Board Room, Barrington Public Library

AGENDA

1. Call Meeting to order
2. Announcements
3. Review and Approval of July 16, 2013 meeting minutes
4. Discussion on proposal to Town Council for Housing Trust to assume administration of The Spencer Trust
5. Palmer Point update/Bluemeade update
6. Adjourn meeting