[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.]
GENERAL REFERENCES
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]
A.
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:
(1)
"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.
(2)
To the town of Agawam, the sum of $4,000."
B.
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."
C.
Board of Commissioners.
(1)
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.
(2)
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.
(3)
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.
(4)
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."
