[Gen. Ords. 1962, § 19-32]
The trust fund bequeathed to the city by the will of the late
Laura S. McAuliffe shall be called, "The Joseph J. McAuliffe Scholarship
Fund," as designated in the will. It shall be kept by the city treasurer
and invested in bonds or notes of the city or in securities except
personal securities, in which funds of savings banks may be invested.
[Gen. Ords. 1962, § 19-31]
(a)
The board of trustees of the Joseph J. McAuliffe Scholarship Fund
shall consist of the mayor, the superintendent of schools, and the
headmaster of the Waltham Senior High School.
(b)
The members of the board of trustees of the Joseph J. McAuliffe Scholarship
Fund shall meet and organize by choice of a chairman as soon as convenient
after the establishment of the board. The superintendent of schools
shall act as secretary and, together with the other members of the
board, shall serve without compensation. The secretary shall keep
complete records of the proceedings of the board, a copy of which
shall be filed in the office of the superintendent of schools.
[Gen. Ords. 1962, § 19-33]
(a)
The treasurer shall keep a separate account of the Joseph J. McAuliffe
Scholarship Fund and the income therefrom. He shall pass to the credit
of such account the interest on such bonds and notes as the same becomes
due without necessity of any draft or order of the city auditor, as
required for general accounts.
(b)
Disbursements of the income shall be made by the superintendent of
schools only and upon written order stating that the disbursement
was authorized by vote of the trustees at a properly called meeting.
Such order shall constitute full and complete authority for the disbursement
therein called for.
[Gen. Ords. 1962, § 19-34]
(a)
The board of trustees of the Joseph J. McAuliffe Scholarship Fund
shall have the exclusive disposition of the income of such fund, and
shall use the same to assist qualified graduates, boys or girls, of
the Waltham Senior High School in securing education in higher institutions
of learning. The award shall be given to the graduating student who
has received the highest scholastic rating, provided he or she be
of excellent character and citizenship certain of admission to a higher
institution of learning, and in need of financial assistance. Annually,
at the graduation exercises the name of the scholarship and the name
or names of the recipients of the income awarded shall be published.
(b)
The board of trustees shall have uncontrolled discretion in determining
the recipient or recipients who are qualified. In case of disagreement,
the decision of the majority of the board shall prevail.
