[Adopted 10-17-1994 STM,
approved by Attorney General 12-6-1994; amended 4-2-2007 TM, approved
by Attorney General 5-14-2007; 11-14-2011 TM, approved by Attorney General 11-29-2011 (Ch. X, § 2, of
the 1973 Bylaws)]
The Trust Fund Commissioners shall manage and control all trust
funds and securities accepted by the Town which are not otherwise
under the custody of the Board of Cemetery and Park Commissioners
the Affordable Housing Trust Fund trustees and/or the Board of Library
Trustees. They may establish a general policy statement for the administration
of funds hereunder.
The Town Treasurer may invest, re-invest, and expend trust funds
as directed by the Trust Fund Commissioners consistent with the terms
of the respective bequests and the provisions of MGL c. 44, § 54,
as amended, and under the guidelines established by the Department
of Revenue as outlined in the Treasurer's Manual.
The Trustees of Trust Funds shall submit an annual report, to
be included in that portion of the annual report of the Town with
respect to the status of all public funds of the Town. Said report
shall identify bequests held and the purposes to which they are restricted,
together with a summary of all financial activity thereunder. Said
annual report shall also summarize financial activity of other special
revenue funds under the Trust Fund Commission's custody.
