[1]
Cross references: Annual inventory of city property to be submitted to mayor and auditor, § 2-2; annual reports by boards and officers to mayor, § 2-9; turn over and accounting for funds, § 2-88; books and records to correspond to fiscal year, § 2-89.
[Gen. Ords. 1962, §§ 2-9, 19-1]
There is hereby created a board of commissioners of trust funds.
State law reference — Power to city to create a board of commissioners of trust funds, M.G.L.A. c. 41, § 45.
[Gen. Ords. 1962, §§ 2-5, 19-1, 19-2]
The board of commissioners of trust funds shall consist of three (3) person appointed by the mayor and confirmed by the council for terms of three (3) years each and until their successors in office are appointed and qualified. Such terms shall commence on the first Monday in March and the appointments shall be made by the mayor on or before the first Monday in February. Vacancies on the commission shall be filled by the mayor with the approval of the council.
[Gen. Ords. 1962, § 19-3]
The members of the board of commissioners of trust funds shall meet on the first Monday in March annually, or as soon thereafter as convenient, and organize by the choice of a chairman, and shall keep a record of all their proceedings.
State law reference — Similar provisions, M.G.L.A. c. 41, § 45.
Cross references — Meetings of trust fund commissioners, etc., § 2-8; expenditures and reports by boards and officers, § 2-9.
[Gen. Ords. 1962, §§ 19-1, 19-3]
The board of commissioners of trust funds shall have the management of all trust funds given or bequeathed or otherwise received for the benefit of the city and the inhabitants thereof, unless the donor, in making the gift or bequest, shall otherwise provide. The board of commissioners of trust funds shall manage, control the trusts under their jurisdiction and distribute their income in accordance with the terms of the trusts.
State law reference — Similar provisions, M.G.L.A. c. 41, § 47.
[Gen. Ords. 1962, § 19-4]
The city treasurer shall be the custodian of all funds and securities of the trust funds shall invest and reinvest them, and expend therefrom money as directed by the commissioners. His bond as city treasurer shall apply to an include duties performed under this article.
State law reference — Treasurer to be custodian of trust funds, M.G.L.A. c. 41, § 46.
[Gen. Ords. 1962, § 19-5]
The city auditor shall, at least once in each year, audit the accounts of the commissioners of trust funds and examine and estimate the funds, securities and evidences of property managed by them.
[Gen. Ords. 1962, § 19-3]
At the close of each financial year, the board of commissioners of trust funds shall make a report to the mayor which shall show the total amount of the trust funds, their investments, receipts and disbursements on account of same, setting forth in detail the sources of the receipts and the purposes of the expenditures.
State law reference — Similar provisions, M.G.L.A. c. 41, § 47.