(Rev. Ords. 1976, Pt. 2, Ch. 2, § 87)
There is hereby established a scholarship fund to be known as the “City of Everett-Scholarship ’75” in commemoration of the seventy-fifth anniversary of the city’s incorporation.
(Rev. Ords. 1976, Pt. 2, Ch. 2, § 88)
The purpose of this article is to establish a fund, the interest of which shall be made available each year to provide financial assistance to students in the city who have been accepted at an institution of higher learning beyond high school. Financial assistance will be in the form of an outright grant, an interest-bearing loan, or an interest-free loan.
(Rev. Ords. 1976, Pt. 2, Ch. 2, §§ 89--91, 95)
(a)
Established; membership; compensation.
There shall be a board of trustees of the scholarship fund which shall consist of nine (9) persons, who shall serve without compensation.
(b)
Composition, terms.
The board of trustees of the scholarship fund shall consist of the city auditor, who shall be chairman; the city treasurer, who shall be treasurer of the fund; and the superintendent of schools; as permanent members. The permanent members shall, by majority vote, name six (6) additional trustees; one (1) of whom shall be a member of the clergy and one (1) a member of the bar. The additional members shall be appointed for terms of three (3) years. The permanent members shall also make appointments to fill vacancies and expired terms of the board of trustees.
(c)
Meetings.
Meetings of the board of trustees shall be at the call of the chairman, or upon written request by any five (5) trustees. The board of trustees shall meet not less than twice each year.
(d)
Duties.
The board of trustees shall have charge and management of the fund provided for in this article and shall invest the principal in such interest-bearing bonds, notes and savings accounts as a majority of the trustees shall determine.
(Rev. Ords. 1976, Pt. 2, Ch. 2, § 92; Ord. of 12-12-88(1))
The income of the fund shall be allocated annually by the trustees for the assistance of students who have resided in the city for at least three (3) years prior to application for such assistance provided, however, the trustees shall not approve any grant or loan which will reduce the principal in the fund below five thousand dollars ($5,000.00). The total of Financial Assistance allocated annually shall not exceed three thousand dollars ($3000.00). Not less than five hundred dollars ($500.00), or more than one thousand dollars ($1,000.00) shall be allocated to any recipient.
(Rev. Ords. 1976, Pt. 2, Ch. 2, § 93)
The board of trustees of the scholarship fund shall elect from its membership a financial assistance committee to consist of three (3) members, to review all applications for assistance and make recommendations to the board of trustees. Final selection of recipients of Financial Assistance, and allocation amounts, shall be by a majority vote of the trustees.
(Rev. Ords. 1976, Pt. 2, Ch. 2, § 94)
Each applicant shall furnish the financial assistance committee a completed application in such form as the trustees determine, which shall include a financial statement, a transcript of scholastic record, an acceptance letter from school or college the applicant plans to attend, and such additional information as the committee may request.
(Rev. Ords. 1976, Pt. 2, Ch. 2, § 96)
Annually, in the month of September, the board of trustees shall render a full report of their activities and of the financial status of the fund to the mayor and the city council.