[Adopted as part of Ch. 2 of the 1963 City Code (Ch. 2, Art. XVII, of the 1980 Code)]
There is hereby established a Board of Commissioners of Trust Funds consisting of three persons who shall have the management of all trust funds given or bequeathed for the benefit of the City or the inhabitants thereof, unless the donor in making the gift or bequest shall otherwise provide. The Commissioners shall be appointed by the Mayor. There shall be appointed annually one member for three years. Vacancies shall be filled by the Mayor.
[Amended 7-10-2007 by Doc. 76]
The City Treasurer shall be the custodian of all funds and securities of such trust funds and shall invest and reinvest them, and expend therefrom moneys as directed by the Commissioners. The Treasurer shall furnish a bond satisfactory to them for the faithful performance of duties.
The Board of Commissioners shall, so far as consistent with the terms of the trusts, manage and control the same and distribute the income in accordance with the terms of the respective trusts. The Board shall keep a record of its doings, and at the close of each financial year shall make a report to the City showing the total amount of the funds and their investments, receipts and disbursements on account of the same, setting forth in detail the sources of the receipts and the purposes of the expenditures.