SENECA – Margaret “Peg” Davis, a longtime resident of Seneca who recently died, provided in her will for a charitable trust, with a substantial bequest for the benefit of the village of Seneca.
The bequest was announced during a recent meeting of the Seneca Village Board.
The trustee of the trust is First Midwest Bank, but the use of the funds is controlled by a committee designated in the Davis’ will.
Among the designated committee members are the mayor of the village of Seneca, the superintendent of Seneca Township High School and the pastor of Saint Patrick’s Roman Catholic Church.
Mrs. Davis’ will states, “The trust is created exclusively for charitable, religious, scientific, literary and educational purposes, including, for such purposes, the making of distributions to organizations that qualify as exempt organizations under Section 50l(c)(3) for the Internal Revenue Code (the “Code”) or successor provisions.”
The will specifically provides for the creation of the village of Seneca Civic Fund, which is to be for “the purpose of fostering civic projects in the village if Seneca.”
“In determining the use of the income and principal of this fund,” the will states, “it is my request that the committee follow the guidelines in this document, but the guidelines are for the purpose of providing guidance only and not with the intent of creating any legally binding direction.
“The committee is directed to use the trust income and trust principal for civic projects in the village of Seneca, which might include, but is not limited to, the construction and operation of a community center in Seneca, construction and operation of a daycare center for children and/or senior citizens, the provision of drug and alcohol abuse counseling for residents of Seneca and students attending Seneca schools, financial support of health care for the residents of Seneca, the promotion and support of extraordinary educational programs in the schools, public parks and public recreation in Seneca, ambulance and emergency medical care in Seneca, or any other project which the committee believes enhances the quality of life in Seneca and is a legal beneficiary of a charitable trust.”
If at the end of 50 years, there is a continuing need for civic projects in Seneca, the will authorizes the committee to extend the fund in successive 10-year increments.
“If at any time the committee determines in its sole discretion that there is not a continuing need for civic projects in Seneca, the fund shall terminate and be distributed to the village of Seneca to provide for ambulance services and public parks and public recreation in the Village of Seneca,” the will states.
The will also provides for a $150,000 Saint Patrick Roman Catholic Church Fund.
The Estate of Margaret O’Malley Davis is in probate in the Circuit Court of LaSalle County. Hynds, Rooks, Yohnka & Bzdill of Morris are attorneys for the estate.
It is anticipated probate proceedings will be finalized and the estate distributed to the trust early in 2014.