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Hall trustees look to boost Export fund

Wednesday, Nov. 13, 2013, 9:00 p.m.
 

Export Solicitor Wes Long said the overseers of the Joseph “Junior” Hall trust are planning to become more aggressive in increasing the fund that benefits Export Borough.

The fund's trustees are considering reinvesting as much as $1.2 million of the more than $2 million cash available in the fund to try to raise revenue, said Long, who serves as a trustee.

Trust members might invest more in securities and blue-chip bonds rather than lower-risk avenues such as certificates of deposit and money-market funds, Long said.

Export receives interest payments from the fund, which was established on behalf of Hall, a local businessman who died in 2006.

The state Attorney General's Office, which audits the trust, recently signed off on an financial review of the fund, Long said.

“We have never failed to have a perfect approval letter from the attorney general with regard to the trust,” he said.

Hall building

Export officials might have to buy new heating and cooling systems for a former Hall building at the intersection of Old William Penn Highway and the Cozy Inn Cutoff in Murrysville.

Council authorized spending up to $5,000 to replace an aging air conditioner and furnace in the building if borough officials deem that they no longer are functioning.

East Suburban Animal Hospital has a lease to use the building for short exams and vaccinations.

Because Hall bequeathed the buildings to Export, the borough will be responsible for the cost of repairing or replacing the systems.

Council resignation

Council accepted the resignation of Councilman Louis McQuaide, who said in a letter that he had moved out of the borough.

Council President Barry Delissio said council could act in December on a replacement for McQuaide, who left with two years left in his term. McQuaide had been appointed to council in 2008 and won a four-year seat in 2011.

Residents may send a letter of interest to Export Council, 5950 Johnson Ave., Export, PA 15632.

Chris Foreman is a staff writer for Trib Total Media. He can be reached at 412-856-7400, ext. 8671, or cforeman@tribweb.com.

 

 

 
 


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