[Adopted 5-17-1993 as
Ch. 2.140 of the 1993 Code]
All the rights, powers and duties of the Board of Managers of
the Adams Academy as provided by Clause 14 of Section 34 of the original
Charter of the City shall be exercised by the School Committee of
the City.
[Adopted 5-17-1993 as
Ch. 2.144 of the 1993 Code]
The estate belonging to the Adams Temple and School Fund, which
is held in trust by the City of Quincy for the purposes set forth
in the deeds of gift of the late John Adams and Charles Francis Adams,
together with bequests of the late Robert Charles Billings and Louisa
C. Smith, shall be deemed and considered as the principal of said
fund. The net income, except from the Billings and Smith gifts, is
to be expended by the City of Quincy, in its capacity as trustee of
the Woodward Fund and Property for the conduct, operation, maintenance,
management and advancement of the Woodward School for Girls, subject
to the approval of the Board of Supervisors of the Adams Temple and
School Fund.
The Mayor, the President of the City Council and the Treasurer/Collector
and two members to be elected annually in the month of January by
the City Council, one of whom may be a member of the Board of Supervisors,
shall constitute the Board to have, in concert with the Board of Supervisors,
the management, control and disposition of the principal trust fund,
subject to conditions as to the Adams Academy building and the lot
upon which it stands as hereinafter set forth, and such Board shall
have full power and authority, in concert with the Board of Supervisors,
to invest, reinvest, sell or otherwise dispose of such estate and
make and execute all instruments or take any other act necessary in
the premises, and in taking such action they shall treat such property
as a trust and not invest or reinvest or otherwise dispose of the
property excepting as trustees of the same acting in behalf of the
City. The Board shall cause to be collected all rents, interests and
other indebtedness that shall become due on account of such fund.
After paying all necessary expenses relating to the same, the Treasurer/Collector
shall hold the net amount and pay over the same, from time to time,
to the City of Quincy in its capacity as trustee of the Woodward Fund
and Property.
Each fiscal year for the disposition of the income shall begin
upon February 11 and the same may be employed annually for such purpose,
but in the event of the entire net income for any one year not being
employed for such purpose, any surplus may be so employed in any succeeding
year.
The City is also authorized upon a three-fourths vote of the
City Council and with the approval of the Mayor to sell the lot upon
which the present academy building stands or any portion thereof and
invest the proceeds with the other funds of this trust. If the City
desires to devote this land, or any part thereof, to its own use for
other than school uses, because of the historical connections therewith,
it shall add to the income from the trust funds such reasonable payment
therefor as may be agreed upon between the City and the Supervisors.
In determining the net income, the City shall require no payment
from such income by reason of any taxes assessed upon any lands or
other property held in such fund, and in the event of its being determined
that any part of such estate is liable to pay any taxes, the amount
so paid out of such income shall, in order that such decree be fully
enforced, be appropriated by the City and paid to the Treasurer/Collector
of the City to be added to such income.
The President of the Council shall annually, in the month of
January, appoint three members of the Council to investigate the condition
of such Adams Temple and School Fund, who shall make a detailed report
to the Council within eight weeks of their appointment.