[HISTORY: Adopted by the Borough Council
of the Borough of Columbia 6-6-1923 (Appendix Part III of the 1971 Code). Amendments noted
where applicable.]
Said bequest is hereby accepted in trust for
the purposes and conditions imposed by the terms of said will.
Said Trust Fund shall be known as the "William
F. Lockard Trust Fund."
Upon the passage of this ordinance, Council
shall elect five citizens, each of whom shall possess the qualifications
imposed and shall serve the terms as stipulated in the will[1] of donor.
[1]
Editor's Note: Said will directs that, for
the purposes of administering and distributing said Trust Fund, the
Borough of Columbia shall elect five citizens of said Borough, each
of whom shall have resided therein not less than five years, shall
not be under 30 years of age and shall be owners of real estate to
the value of not less than $2,000.
Annually thereafter, Council shall elect one
citizen possessing the qualifications stipulated who shall serve the
term provided in said will.
Said Board of Trustees shall have and possess
the power and authority to receive, invest, appropriate and distribute
the principal and income[1] of said Trust Fund in accordance with the conditions imposed
by the will of the donor.
[1]
Editor's Note: The income arising from said
Trust Fund shall, according to the terms of said will, be used to
purchase fuel, provisions and clothing for deserving widows and orphans
living in said Borough, as well as providing night schools for residents
of said Borough and for other purposes specified.
Said Board of Trustees shall keep records of
its acts showing how the principal of said Trust Fund is invested
and how the expenditure of the income is made and shall make report
thereof to Council at the end of each calendar year.
