[HISTORY: Adopted by the Town Council of the Town of Agawam 12-21-1972 as §§ 6-3, 6-4, 6-5, 6-6 and 6-8 of the Code of the Town of Agawam. Amendments noted where applicable.]
School Committee — See Charter, Art. 4.
Finances — See Ch. 23.
There is hereby established by the town a stabilization fund under the provisions of MGL C. 40, § 5B.
[Amended 11-16-1992 by TOR-92-16]
Whiting Street Fund. There is hereby established the Whiting Street Fund, which is provided for by the will of Whiting Street which is dated June 23, 1875, and which provides in pertinent part:
"To the inhabitants of the following named towns and city, to each town in its corporate capacity as a town, and to the city in its corporate capacity as a city, in trust, the income thereof to be annually appropriated for the relief and comfort of the worthy poor of said towns and city, who shall not be in the Almshouse, nor be town or city paupers.
To the town of Agawam, the sum of $4,000."
Thomas Pyne Fund. There is hereby established the Thomas Pyne Fund, which is provided for by the will of Desire A. Pyne which is dated October 13, 1894, and which provides in pertinent part: "I give and bequeath to the inhabitants of the Town of Agawam $2,000 as a perpetual fund to be known as the 'Thomas Pyne Fund' in memory of my late husband the income of which shall be applied for the relief of the worthy poor of said town."
Board of Commissioners.
A Board of Commissioners is hereby established to administer said funds and shall consist of three Agawam voters who shall be appointed by the Mayor and confirmed by the Town Council. At the time of the creation of said Board, there shall be appointed one member for one year, one member for two years and one member for three years. Thereafter, the Mayor shall appoint one member annually for three years and said members shall be confirmed by the Town Council.
The Treasurer shall be the custodian of all funds and securities of said trust funds, shall invest and reinvest them and expend therefrom moneys as directed by the Board of Commissioners.
The Board of Commissioners shall, so far as consistent with the terms of the wills, manage and control the same, and distribute the income in accordance with the terms of the respective wills.
The Board of Commissioners shall keep a record of its activities, and at the close of each calendar year shall make a report to the Mayor and the Town Council, 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.
There is hereby established the Phelon Fund, provided for by the will of Mary A. Phelon as follows: "I give and bequeath the rest and residue of my estate after the payment of the foregoing legacies to the Treasurer of the Town of Agawam, whoever he may be at the time of my decease, in trust as a school fund, to be invested and managed by said Treasurer and his successors in office as Trustees. The income to be used annually under the supervision of the Agawam Town School Committee solely for the benefit of the schools in Feeding Hills Parish."
There is hereby established the Faolin M. Pierce Fund, provided for by the will of Faolin M. Pierce as follows: "The Faolin M. Pierce Fund, a fund, the income only of which is to be used to assist graduates of the Agawam High School who formerly attended the elementary school on Springfield Street to obtain further education, in such manner as the School Committee, or in case there is no School Committee, the Board of Selectmen, shall deem most advisable and beneficial for the purpose."