THE ENDOWMENT OF
E. W. GROVE HIGH SCHOOL
for Grove school found
|From STEPHANIE TAYLOE
Interesting old papers are discovered every week in the Henry County Archival Records Room at the Central Community Service Center, 55 Jones Bend Road Extended in Paris.
These old records do not belong to one person, or one family, but to every one in Henry County.
Last week this 1907 contract between E.W. Grove and
the people of Henry County for a new high school was found.
I, E.W. Grove of the city of St. Louis and the State of
Missouri, desiring to give substantial aid, and encouragementto the cause of education, and especially to promote the educational interest of the County of Henry, in the State of Tennessee, among whose people I formally lived, and to whom I am greatly attached, do hereby submit to said Henry County, the proposition following, to-wit:
1st - If said County, or said County in conjunction with the
City of Paris,will, through its lawfully constituted
authorities, appropriate a sum of money not less than forty thousand dollars ($40,000) the wholeof which sum is to be used and expended in the purchase of grounds, and the erection of a building, or buildings, suitable for a high
school and for equipping same: said school to be a Free County High School, - that is, free of tuition for all time to the children of Bona-fide residents of Henry County, Tennessee, and free to Bona-fide resident teachers of said county.
And when said appropriation shall have been made for the purposes aforesaid, I the said E.W. Grove, obligate and bind myself, personal representatives, heirs and assigns, to provide a perpetual endowment for said school to an amount not less that fifty thousand ($50,000) dollars, the same to be placed in the hands of a Board of Trustees hereinafter provided for and to be known as the "Henry County Board of Trust, " for the perpetual maintenance and operation of said high school; subject, however to the conditions hereinafter set forth.
2nd - That so soon as the aforesaid forty thousand dollars
is appropriated and made available for the purposes mentioned, I, the said E.W. Grove, agree and bind myself, heirs, assigns, and personal representatives, to execute my bond, note or other such obligation as may be hereafter agreed upon between said Board of Trust and myself, for the aforesaid amount of fifty thousand dollars;
The same to be deposited with the said Board of Trust,
which shall consist of not less than seven members to be
elected by Quarterly Court of said County, by and with
the advice and consent of the said E.W. Grove, which said
Board of Trust shall have the absolute and entire control
and management of said endowment fund and the income
or interest arising therefrom.
And I, the said E.W. Grove, further bind myself, heirs,
and personal representatives and assigns, to pay on said
endowment fund an annual income or annuity of four
thousand ($4,000) dollars per annum, payable quarterly
to said Board of Trust, or so much thereof per annum,
as necessary for the sole purpose of maintaining and
operating said school, repairing and keeping in repair
the said property, paying the insurance thereon, etc. so
long as buildings such as are originally erected on said
school grounds are mentioned, but in no event to exceed
the sum of four thousand dollars per annum.
And I, the said E.W. Grove, further bind and obligate
myself, heirs, assigns, and personal representatives, to
make such endowment fund absolutely secure, together with the aforesaid income on annuity thereon, so as to be available for the purposes aforesaid, by depositing with the said Board of Trust "Gilt edge" collaterals, the same to be approved by the said board;
But it is understood and agreed that the said Grove, his heirs, assigns, and personal representatives, shall be allowed to exchange said collaterals from time to time, and at any time they may desire, for others placed by him in their stead, of equal value, or of value sufficient to amply secure said permanent endowment fund and the
annual income or annuity hereinbefore provided for, the amount and character of said collateral security to be determined by said Board of Trust.
3rd - The said school shall be designated and known as __________ and is to be managed and controlled by Quarterly County Court of said county, through a board of seven trustees, to be elected by said Quarterly Court; and title to all of the said school property, except the endowment fund, shall be vested in the said Trustees and their successors.
Any vacancies occurring on said board, or the
Board of Trust hereinbefore provided for, by death, resignation, or otherwise, shall be
filled by the remaining members of said boards, respectively, until such time as the
Quarterly Court shall elect members to fill such vacancies.
TENNESSEE TRAILINGS is published in
The PARIS POST-INTELLIGENCER
Used by permission
THANKS to STEPHANIE TAYLOE for providing this copy of the endowment article.
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