[Adopted 6-11-2009 (Ord. No. 10-045]
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.