[HISTORY: Adopted by the Borough Council of the Borough of Columbia 6-6-1923 (Appendix Part III of the 1971 Code). Amendments noted where applicable.]
Said bequest is hereby accepted in trust for the purposes and conditions imposed by the terms of said will.
Said Trust Fund shall be known as the "William F. Lockard Trust Fund."
Upon the passage of this ordinance, Council shall elect five citizens, each of whom shall possess the qualifications imposed and shall serve the terms as stipulated in the will of donor.
Editor's Note: Said will directs that, for the purposes of administering and distributing said Trust Fund, the Borough of Columbia shall elect five citizens of said Borough, each of whom shall have resided therein not less than five years, shall not be under 30 years of age and shall be owners of real estate to the value of not less than $2,000.
Annually thereafter, Council shall elect one citizen possessing the qualifications stipulated who shall serve the term provided in said will.
Said Board of Trustees shall have and possess the power and authority to receive, invest, appropriate and distribute the principal and income of said Trust Fund in accordance with the conditions imposed by the will of the donor.
Editor's Note: The income arising from said Trust Fund shall, according to the terms of said will, be used to purchase fuel, provisions and clothing for deserving widows and orphans living in said Borough, as well as providing night schools for residents of said Borough and for other purposes specified.
Said Board of Trustees shall keep records of its acts showing how the principal of said Trust Fund is invested and how the expenditure of the income is made and shall make report thereof to Council at the end of each calendar year.