[Gen. Ords. 1962, § 19-22]
The trust fund bequeathed to the city by the last will and testament of Jacob C. Whitney, late of New Bedford, deceased, shall be called by the name of the "Jacob C. Whitney Fund" and shall be kept by the city treasurer invested in bonds or notes of the city paying interest at the rate of not less than four (4) percent per annum, or in other securities in which sinking funds may by law be invested, or deposited on interest in the Waltham Savings Bank.
[Gen. Ords. 1962, § 19-21]
The board of trustees of the public library shall constitute a board of trustees of the Jacob C. Whitney Fund. They shall cause such fund to be invested or deposited as provided in section 9-81 of this Code, in such manner as they deem best. They shall have the exclusive disposition of the income of such fund and shall apply the same to the purchase of new books for the free public library of the city in conformity with the terms of the trust.
Cross reference — Public library, Ch. 15.
State law reference — Power of city to receive, hold and manage gifts for libraries, M.G.L.A. c. 78, § 7.
[Gen. Ords. 1962, § 19-23]
It shall be the duty of the city treasurer to keep a separate account of the Jacob C. Whitney Fund and the income therefrom. He shall pass to the credit of such account the interest of any bonds and notes of the city held as a part of such fund, as the same becomes due, without the necessity of any draft or order from any other officer of the city and shall disburse the income from such funds upon order of the city auditor, as provided for general accounts.