The City of Saco, by special election held on
the second Monday of September 1917, as authorized by Chapter 95 of
the Private and Special Laws of the State of Maine of the year 1917,
having voted to accept the legacies and bequests of Lucia Kimball
Deering as provided in the last will and testament of said Lucia Kimball
Deering, dated November 19, 1915, said legacies and bequests, devises
and gifts, which the City of Saco, Maine, is or may be authorized
to accept, under the provisions of said Chapter 95 of the Private
and Special Laws of the State of Maine of the year 1917, are hereby
placed in the care, custody and under the administration of seven
citizens of the City of Saco, who shall constitute a Board of Trustees
for the care, custody and administration of these funds and the income
thereof and to be designated as the "Board of Trustees for the care,
custody and administration of the legacies and bequests provided for
under the terms of the will of Lucia Kimball Deering" and all other
legacies, bequests, devises or gifts to the said City of Saco for
hospital purposes.
[Amended 10-5-2009]
The Board of Trustees shall consist of seven members, all being citizens of the City of Saco. Members shall be appointed by the Mayor, with the City Council confirmation, for a term of six years, beginning as each current member in 2009, on file with the City Clerk, concludes their lifetime term, initially with two members being appointed for six years, two members being appointed for four years, and three members being appointed for two years. Vacancies that occur in the Board of Trustees by death, resignation or removal from the City of Saco or by failure to qualify as provided in § 15-12 shall be filled in the same manner.
Each member of the Board of Trustees, before
assuming the duties of this office, shall be qualified by taking an
oath before the City Clerk of the City of Saco that he/she will faithfully
perform the duties of this office. The Board shall file a joint bond
with such sureties and in such sums as the City Council may deem just
and proper.
[Amended 5-15-2000]
Each member of the Board shall serve with compensation
that shall be established by the City Council, after a public hearing,
from income from the fund. If the income does not equal the amount
necessary to pay such members, then the pay will be proportioned according
to the income, and, in addition, each member shall be entitled to
be paid for his/her actual cash expenditures incurred in behalf of
the Board.
[Amended 10-5-2009]
The Board of Trustees shall hold meetings at
such times and place as the Board shall determine and, at the first
meeting thereof after the election and qualification of the entire
Board of Trustees, shall elect a President, Secretary and Treasurer
from its own members. The Treasurer shall give to the Board a bond
as Treasurer, in such sum and with such sureties as the Board shall
deem just and proper. The compensation of the Treasurer shall be 1/8
of 1% of the gross amount of the fund and of the income thereof, annually,
to be paid from the fund.
The Board of Trustees shall make such rules
and orders as it may deem wise for the conduct of its official business
and which are not inconsistent with law or this article.
The Board shall keep a true and perfect record
of its proceedings, including its financial statements and operations,
which at all times shall be open to the inspection of the Committee
on Finance of the City Council.
The Board shall invest all funds in its custody
and the income thereof only in such securities as the savings banks
of Maine are authorized to invest in, and is authorized to receive
into its custody and hold such securities and other property as the
representatives of any other estate or any donor may hereafter deliver
to said City of Saco for hospital purposes and to reinvest such parts
of the same as the Board shall deem wise in like manner.
The Board shall prepare, at the end of each
calendar year, a true and perfect statement of the funds and other
property in its custody and the income thereof and its entire financial
doings and transactions, the same to be included and published in
the annual report of the City of Saco next published after the filing
of the report with the City Council. Upon the filing of the statement
or report of the Board of Trustees to the City Council, it shall be
the duty of the Committee on Finance of the City Council to immediately
examine and check up the securities and other property in the care
and custody of the Board of Trustees, subject, however, to all the
provisions of this article.
