There is hereby established a Board of Commissioners
of Trust Funds consisting of three persons who shall have the management
of all trust funds given or bequeathed for the benefit of the City
or the inhabitants thereof, unless the donor in making the gift or
bequest shall otherwise provide. The Commissioners shall be appointed
by the Mayor. There shall be appointed annually one member for three
years. Vacancies shall be filled by the Mayor.
[Amended 7-10-2007 by Doc. 76]
The City Treasurer shall be the custodian of
all funds and securities of such trust funds and shall invest and
reinvest them, and expend therefrom moneys as directed by the Commissioners.
The Treasurer shall furnish a bond satisfactory to them for the faithful
performance of duties.
The Board of Commissioners shall, so far as
consistent with the terms of the trusts, manage and control the same
and distribute the income in accordance with the terms of the respective
trusts. The Board shall keep a record of its doings, and at the close
of each financial year shall make a report to the City showing the
total amount of the funds and their investments, receipts and disbursements
on account of the same, setting forth in detail the sources of the
receipts and the purposes of the expenditures.