A Board of Trusts and Charities is hereby created
which shall:
A. Take custody and control of all funds now held by
the Board of Trusts created by an ordinance of March 6, 1906, and
hereby repealed.
B. Accept, in its discretion, on behalf of the City any
gifts, by will or otherwise, which may hereafter be made to the City
or to City officials by virtue of their office, in trust for poor
persons in the City, or for any other benevolent or charitable purpose.
C. Invest and/or expend and distribute the principal
and/or interest of gifts so accepted according to the provisions of
each gift or trust or, in the absence or incompleteness of such provisions,
according to lawful regulations which the Board may establish.
The Board of Trusts and Charities shall be composed
of the Mayor, the City Treasurer and the City Controller.
The Board shall establish such rules and regulations
for its conduct as shall best safeguard the funds in its charge.
The Board shall present a detailed report of
all its proceedings to the Council at its first meeting in April of
each year.