Trust Fund approved for Beach Nourishment in Nags Head
Published April 11, 2008 by Sabrina GordonNags Head has setup a trust fund for beach nourishment with First South Bank and is asking citizens and property owners to make donations for future sand replenishing. Under the state statutes, the town can establish a trust fund and collect private donations that are for a specific purpose. It states in the trust that if no beach nourishment project is ever done, then the funds that were collected will be refunded in full to the original contributors. If any interest has been earned on the funds, then that will remain in the account to be used for purposes to be determined by the board of commissioners.
The agreement also includes a sunset provision for the dissolution of the trust after a period of six years if no nourishment project has been done by that time. The mayor Anna Sadler made the motion to approve the authorization request which carried the vote 4-1, with commissioner Wayne Gray opposed. The current board could now vote to appropriate town funds to the trust, but any future board could later vote to divert the funds to a different purpose.
Since a vote failed last spring, the community forum this past summer heard a number of people who continued to voice support for beach nourishment even if they had to pay for it out of their pockets. Sadler said,”This is a step that we need to take to see if there really is anybody out there who will step forward. To put your money where your mouth is.”
Enter Your Comments Below
