[HISTORY: Adopted by the City Council of
the City of Bangor as indicated in article histories. Amendments noted
where applicable.]
[Adopted as Ch. II, Art. 32]
The fund of $1,000 heretofore received from
the Trustees of the will of the late Samuel F. Hersey, in adjustment
of his bequest to the City of Bangor, shall be forever held in trust
by said City in the manner and for the objects hereinafter provided.
The annual income of said fund is hereby unalterably
fixed at $4,000, to be perpetually administered as hereinafter provided
and to be paid by the City Treasurer by the order of the City Manager
and without further action of the City Council in equal quarterly
payments on the first days of January, April, July and October of
each year forever to the Trustees of the Hersey Fund provided by Article
VII, Section 12, of the City Charter.
[1]
Editor's Note: Amendment pending.
The City Treasurer shall make no investment
of or expenditures of any portion of said income without the approval
of said Board of Trustees.
Said Board shall devote the net annual income
of said fund to the perpetual maintenance of the Bangor Public Library,
as now existing and established, under the authority of the City Council
and in pursuance of an agreement made and entered into between the
Trustees of the Hersey Fund and the Bangor Mechanic Association May
2, 1882, and ratified by the City Council June 5, 1883.
Said Board shall annually present to the City
Council, at the close of the municipal year, a report of its action
under said trust, with a specific statement of all receipts and disbursements
on account of said income for the year then ending.
For the purpose of maintaining a free public
library and hereafter providing for the necessary expense of such
maintenance, there shall be annually appropriated by the City Council
under the title of "Library Fund" a sum sufficient to meet the estimated
current expense of maintaining such library for the benefit of the
public, such appropriation to be in charge of and expended under the
direction of the Trustees of the Hersey Fund.
[Adopted as Ch. II, Art. 27; amended 9-22-1986 by Ord. No. 86-362]
The sum of $2,000 bequeathed to the City of
Bangor by the will of Albert Holton for the promotion of public school
education shall be designated as the "Holton Public School Fund."
A.
Deposit of fund. This fund shall be deposited in the
treasury of the City of Bangor, which City shall hereafter and forever
annually pay to the Trustees hereinafter designated interest thereon
at the rate of 5% per annum.
B.
Trustees appointed. The Superintending School Committee
of the City of Bangor and their successors in office are hereby constituted
the Board of Trustees of the Holton Fund and are hereby clothed with
power to receive and use the interest of said fund for the purposes
stated and to discharge their duties under this section in such manner
as shall in their judgment best accomplish the intent of the testator.
C.
Use of accrued fund interest. The Trustees shall annually
use the interest received by them, as hereinbefore authorized, for
the promotion of public school education in whatever ways they may
from time to time devise.
The sum of $4,750 bequeathed to the City of
Bangor by the will of Charles E. French, late of Boston, Massachusetts,
deceased, for the purchase of silver medals to be distributed to the
pupils of the public schools shall be designated as the "French Medal
Fund."
A.
Investment of fund. The sum of $4,750 set up in this
section shall be invested in United States Ward Bonds, Series G, and
the City shall hereafter and forever annually allow and pay to the
Trustees hereinafter designated such rate of interest as shall be
received upon said investment, and the City shall hereafter and forever
annually allow and pay to the Trustees hereinafter designated so much
of the interest received upon other money being a part of this fund
which has been received by way of accumulated income as may be necessary
to carry out the intent and purpose of the original gift of said Charles
E. French.
B.
Trustees appointed. The Superintending School Committee
of the City of Bangor and their successors in office are hereby constituted
the Board of Trustees of the French Medal Fund and are hereby clothed
with power to receive and use the interest of said funds for the purposes
stated and to discharge their duties under this section in such manner
as shall in their judgment best accomplish the intent of the testator.
C.
Use of fund dividends. The Trustees shall annually
provide for and purchase, from the interest received by them as hereinbefore
authorized, silver medals to be distributed to the pupils of the public
schools in such manner as shall in their judgment best accomplish
the intent of the testator.
[Amended 9-14-1998 by Ord. No. 98-339; 4-22-2002 by Ord. No. 02-167]
The fund of $10,000 heretofore donated for the
creation of a memorial to Sophia Kirstein, and to be known and designated
as the "Sophia Kirstein Student Scholarship Fund," shall be forever
held in trust by said City in the manner and for the objects hereinafter
provided.
A.
Use of fund. The principal and interest of this fund
is to be used for scholarships to worthy boys and girls of the City
of Bangor to help finance their education. Any boy or girl who has
been a resident of the City of Bangor for three years prior to time
application for a scholarship is made and who is a resident of said
City at the time they make application may apply to the Trustees for
a scholarship from this fund.
B.
Administration and reinvestment of fund. The administration
and reinvestment of this fund is left entirely to the Trustees, subject
to certain rules and regulations which have been submitted by the
donors and which have been ratified by action of the City Council.
C.
Council members not eligible for Board membership.
No member of the City Council shall be eligible to the office of a
member of this Board, and the election to the City Council of any
member of the Trustees shall create a vacancy in said Board, and any
vacancy arising in said Board shall, for the unexpired term, be filled
as provided in Article VII, Section 11, of the City Charter.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
D.
Trustees sworn to office. The Trustees shall be sworn
to the faithful performance of their duties under the trust and shall
receive no compensation therefor.
E.
Charter provisions. Trustees shall be appointed as
provided for by Article VII, Section 11, of the City Charter.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
F.
Approval of Trustees for investments. The City Treasurer
shall make no investments of or expenditures of any portion of said
income without the approval of said Board of Trustees.
G.
Chair appointed. Upon appointment, said Trustees will
elect from their number one member as Chair for a term not to exceed
six years. Said Trustees are to have power to receive funds or property,
to be held in trust, from any source where such funds or property
is given for the advancement of education or for any City improvement
or betterment. (See donor's suggestion filed in the office of the
City Clerk.)
H.
Annual report to City Council. Said Board of Trustees
shall annually present to the City Council, at the close of the municipal
year, a report of its action under said trust, with a specific statement
of all receipts and disbursements on account of said principal income
for the year ending, insofar as said statement can be made without
disclosing the names of the borrowers.
