The Town of Thompson hereby accepts the proceeds of the Jacob
F. Tourtellotte Trust as received from his Trustees and establishes
a permanent municipal trust fund to hold and manage said funds, to
be known as the "Jacob F. Tourtellotte and Harriet Arnold Tourtellotte
Trust Fund for the Maintenance and Extension of the Free Memorial
High School."
Said trust shall exist upon the following terms and conditions:
A. The Board of Trustees shall consist of seven members as follows:
the First Selectperson of the Town of Thompson, the Chairperson of
the Board of Education of the Town of Thompson, the Chairperson of
the Board of Finance of the Town of Thompson, the Superintendent of
Schools of the Town of Thompson, the President of the Tourtellotte
High School Alumni Association, the President of the Thompson Historical
Society, and the Treasurer of the Town of Thompson. Within 90 days
of the effective date of this article, the Board of Trustees shall
prepare and adopt bylaws for the management of the trust, which bylaws
shall be consistent with the purpose of the trust as herein stated
and as stated in the will and codicil of Jacob F. Tourtellotte and
in conformance with the provisions of state law. A copy of said bylaws
shall be placed on file with the office of the Town Clerk of the Town
of Thompson upon adoption.
[Amended 5-30-2023]
B. Any of the aforenamed individuals may serve by virtue of their office
or may designate another member of their respective board or society
to serve as the designated agent of the said board or society.
C. The Trustees shall be responsible for hiring, supervising, and discharging
as necessary such professional investment advisors as they deem appropriate
and in the best interest of the Town of Thompson.
D. On the first Monday of February of each year, the Trustees shall
hold a meeting and determine the amount of net trust income which
may be prudently appropriated for the ensuing fiscal year, keeping
in mind both the purposes of the trust and its purpose as a permanent
fund. The Trustees shall hold a public hearing either simultaneously
with or following the aforementioned meeting to hear testimony from
the public as to the appropriate expenditures of trust funds for the
ensuing fiscal year.
E. In no event shall principal of the trust fund be appropriated.
F. The Board of Trustees shall recommend both short-term and long-term
expenditure options for the Board of Education.
G. Said expenditures shall be appropriated as requested by the Board
of Education, giving due consideration to the recommendations of the
Trustees; such expenditures shall be approved by the Board of Finance
and Town Meeting as part of the annual budget of the Town of Thompson.
No appropriation may be requested by the Board of Education unless
it has been previously recommended by the Board of Trustees.
H. It is the intention that this trust shall be a permanent fund created
to honor the wishes of the original donor, Jacob F. Tourtellotte,
and said fund shall be expended for the maintenance and extension
of the Free Memorial High School.
[Amended 5-30-2023]
I. One hundred years from the date of this adoption, the then Trustees
of the trust shall review the efficacy and efficiency of the trust
in terms of carrying out its stated mission and shall make such recommendations
to the Select Board and the Thompson legislative body as seem to them
necessary and proper.