[Adopted as Article 143 of the Codified Ordinances]
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custody and control of all funds now held by the Board of Trusts created by an ordinance of March 6, 1906, and hereby repealed.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.