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Tulsa's new Gathering Place Park to ban guns
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<blockquote data-quote="HiredHand" data-source="post: 3153010" data-attributes="member: 2469"><p>It’s interesting that it was donated to the Parks Authority and not to the city. </p><p></p><p></p><p>4. What is the legal relationship between a municipal public trust and its beneficiary municipality?</p><p>Oklahoma municipal public trusts are created as separate legal entities from their beneficiary municipality in the form of an express trust governed by a trust indenture. State law and related court cases have held that a public trust is separate and apart from and not merged with its municipal beneficiary – see 60 O.S. § 176.1(a)(2); Woodward v. City of Anadarko, 351 P.2d 292 (OK 1960). Trusts are not considered a branch or division of the municipality, but are instead separate legal entities that have powers separate from that of the municipality. For example, because the trust is a separate legal entity from the municipality, it is not governed by the constitutional debt limitation applicable to its municipal beneficiary. In <strong><em>addition, many of the state laws applicable to municipalities are not expressly applicable to these municipal public trusts.</em></strong> Contracts and other official documents related to the trust activities are generally executed under the name of the trust, rather than in the name of the beneficiary municipality, by its trustees within the powers and limitations of the trust indenture.</p><p></p><p>Source: <a href="http://www.crawfordcpas.com/Municipalpublictrusts.pdf" target="_blank">http://www.crawfordcpas.com/Municipalpublictrusts.pdf</a></p></blockquote><p></p>
[QUOTE="HiredHand, post: 3153010, member: 2469"] It’s interesting that it was donated to the Parks Authority and not to the city. 4. What is the legal relationship between a municipal public trust and its beneficiary municipality? Oklahoma municipal public trusts are created as separate legal entities from their beneficiary municipality in the form of an express trust governed by a trust indenture. State law and related court cases have held that a public trust is separate and apart from and not merged with its municipal beneficiary – see 60 O.S. § 176.1(a)(2); Woodward v. City of Anadarko, 351 P.2d 292 (OK 1960). Trusts are not considered a branch or division of the municipality, but are instead separate legal entities that have powers separate from that of the municipality. For example, because the trust is a separate legal entity from the municipality, it is not governed by the constitutional debt limitation applicable to its municipal beneficiary. In [B][I]addition, many of the state laws applicable to municipalities are not expressly applicable to these municipal public trusts.[/I][/B] Contracts and other official documents related to the trust activities are generally executed under the name of the trust, rather than in the name of the beneficiary municipality, by its trustees within the powers and limitations of the trust indenture. Source: [URL]http://www.crawfordcpas.com/Municipalpublictrusts.pdf[/URL] [/QUOTE]
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