Posted: Feb 2, 2010 4:27 PM by Bea Karnes, News First 5
Updated: Feb 2, 2010 4:27 PM
A donation of less than $9 worth of stock shares to the Loveland Public Library has now grown large enough to build the library's poetry section and start on an expansion.
Lula Colwell gave the shares of Proctor & Gamble stock in the late 1980s with the stipulation that the proceeds benefit the library. Colwell is now deceased, but her donation is now worth more than $190,000. That's $60 a share for 3,200 shares.
Library officials talked to Colwell heirs about selling the stock to help start fundraising for a $9.4 million expansion of the library. The grandchildren agreed. The Loveland City Council planned to consider selling the stock at a Tuesday meeting.