[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.
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, § 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.