[Gen. Ords. 1962, §§ 2-9, 19-1]
There is hereby created a board of commissioners of trust funds.
State law reference — Power to
city to create a board of commissioners of trust funds, M.G.L.A. c.
41, § 45.
[Gen. Ords. 1962, §§ 2-5, 19-1, 19-2]
The board of commissioners of trust funds shall consist of three
(3) person appointed by the mayor and confirmed by the council for
terms of three (3) years each and until their successors in office
are appointed and qualified. Such terms shall commence on the first
Monday in March and the appointments shall be made by the mayor on
or before the first Monday in February. Vacancies on the commission
shall be filled by the mayor with the approval of the council.
[Gen. Ords. 1962, § 19-3]
The members of the board of commissioners of trust funds shall
meet on the first Monday in March annually, or as soon thereafter
as convenient, and organize by the choice of a chairman, and shall
keep a record of all their proceedings.
State law reference — Similar provisions,
M.G.L.A. c. 41, § 45.
[Gen. Ords. 1962, §§ 19-1, 19-3]
The board of commissioners of trust funds shall have the management
of all trust funds given or bequeathed or otherwise received for the
benefit of the city and the inhabitants thereof, unless the donor,
in making the gift or bequest, shall otherwise provide. The board
of commissioners of trust funds shall manage, control the trusts under
their jurisdiction and distribute their income in accordance with
the terms of the trusts.
State law reference — Similar provisions,
M.G.L.A. c. 41, § 47.
[Gen. Ords. 1962, § 19-4]
The city treasurer shall be the custodian of all funds and securities
of the trust funds shall invest and reinvest them, and expend therefrom
money as directed by the commissioners. His bond as city treasurer
shall apply to an include duties performed under this article.
State law reference — Treasurer
to be custodian of trust funds, M.G.L.A. c. 41, § 46.
[Gen. Ords. 1962, § 19-5]
The city auditor shall, at least once in each year, audit the
accounts of the commissioners of trust funds and examine and estimate
the funds, securities and evidences of property managed by them.
[Gen. Ords. 1962, § 19-3]
At the close of each financial year, the board of commissioners
of trust funds shall make a report to the mayor which shall show the
total amount of the trust funds, their investments, receipts and disbursements
on account of same, setting forth in detail the sources of the receipts
and the purposes of the expenditures.
State law reference — Similar provisions,
M.G.L.A. c. 41, § 47.
