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 of donor.
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 of said Trust Fund in accordance with the conditions imposed
by the will of the donor.
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.