[Adopted as §§ 2-197 through 2-199 of the 1965 Code; amended in its entirety 5-13-2008 by Ord. No. 086-08]
There is hereby created 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 indigent persons of the City of Fitchburg or its indigent inhabitants, unless the donor in making the gift or bequest shall otherwise provide. Said Commissioners shall be appointed by the Mayor to be confirmed by the City Council. The initial Board shall be appointed one member for one year, one member for two years and one member for three years. Thereafter, said members shall be appointed annually one member for three years. All vacancies in the Board shall be filled by the Mayor, with the approval of the Council.
The Commissioners of Trust Funds shall, upon their initial organization or soon thereafter, as is convenient, organize and choose a Chairperson who shall serve for such term as the Commissioners shall by rule or regulation decide. The Commissioners shall by rules and regulations promulgated by them determine the frequency of their meetings and the Board's organization, structure, procedures and standards for administering trust funds with due regard for the grantors' intent.
Said Board of Commissioners shall, so far as consistent with the terms of the trust or other instruments establishing the gifts, manage and control them and distribute the funds in accordance with the terms of the respective trusts consistent with the law of the Commonwealth of Massachusetts. The Board shall keep a record of its doings and at the close of each financial year shall make a report to the City Council and Mayor showing the total amount of the funds, its investments, receipts and disbursements on account of the same and setting forth in detail the sources of the receipts and the purposes of the expenditures.
Said Board shall also have full power and authority to promulgate rules and regulations not inconsistent with the terms of the trust instruments, this chapter and the law of the Commonwealth of Massachusetts to implement its goals and purposes and for doing all things necessary, proper and convenient to the appropriate distribution of these funds. The Board may establish such procedures, standards and forms and such interrelationships as may be necessary from time to time with other state or municipal agencies for the purposes of determining the needs of indigent persons within the City of Fitchburg. Rules and regulations adopted by the Board shall also establish procedures, if any, for persons to apply for such funds.