[Amended 10-5-2009[1]]
The several trust funds known as the "Sweetser Provident Fund," "Sweetser Baxter Sabbath School Fund," "Sweetser School Fund," "Sweetser School Library Fund," "Sweetser Missionary Fund" and "Sweetser Park Fund" and all trust funds for the benefit of Wardwell Home, now held by the City of Saco as trustee, together with all legacies, devises and gifts of funds or property which the City of Saco may hereafter receive into its custody as trustee, excepting such legacies, devises or gifts of funds or property which the City may receive for the benefit of the Lucia Kimball Deering Hospital Fund, are hereby placed in the care, custody and administration of the citizens of the City, who shall constitute a Board of Trustees for the care and administration of these funds and other property and the income thereof and so be designated as the Board of Trustees for the care, custody and administration of trust funds held by the City of Saco as trustee.
[1]
Editor's Note: This ordinance also amended the title of Art. I.
[Amended 10-5-2009]
The Board of Trustees shall consist of three members, all being citizens of the City of Saco. Members shall be appointed by the Mayor with City Council confirmation, for a term of six years, beginning initially with one member being appointed for six years, one member being appointed for four years, and one member being appointed for two years.
Before assuming the duties of office, each member of the Board of Trustees shall be qualified by taking an oath before the City Clerk that he/she will faithfully perform the duties of this office and shall file a bond with a surety company authorized to do business in the State of Maine as surety in the sum of $10,000, conditioned for the faithful performance of such duties. The premium to be paid to the surety company for the bond shall be paid by the City.
[Amended 5-15-2000; 10-5-2009]
The Board of Trustees shall hold regular meetings of the Board on a semi annual basis on a date of the Board's choosing, or meetings can occur on an as-needed basis. The Trustees shall receive a compensation that shall be established by the Council after a public hearing and shall be entitled to be paid actual and necessary expenditures incurred in behalf of the Board.
[Amended 10-5-2009]
Vacancies on the Board of Trustees, however occurring, shall be filled by mayoral appointment and confirmation of the City Council. A member appointed to fill a vacancy on the Board of Trustees shall hold office for the unexpired term of the retiring member.
The Board of Trustees may organize by the election of such officers as it may deem proper and shall determine such rules as it may deem wise for the conduct of its business and which are not inconsistent with law.
The Board of Trustees shall keep a record of its proceedings, including its financial transactions, and at the end of the City fiscal year shall prepare a statement of the trust funds and other property held by the City of Saco as trustee as enumerated in § 15-1, the income thereof and the entire financial transaction, which shall be delivered to the Finance Director and also shall be published in each annual report of the City of Saco. The City shall pay for and have conducted an audit of the Board's records. The audit shall be included as part of the City's annual audit.
The Board of Trustees shall invest all trust funds held by the City of Saco as trustee, as enumerated in § 15-1, in such securities as the savings banks of Maine are authorized to invest in, excepting that the Board is authorized to receive and hold such securities and other property as the representatives of any estate or any donor may deliver to the City as trustee, other than legacies, devises or gifts of funds or property for the benefit of Kimball Hospital or for hospital purposes, and to reinvest the whole or part thereof as the Board may deem wise.
A. 
Notwithstanding the provisions of any of the preceding sections, the Board of Trustees is authorized to:
(1) 
Treat any two or more of the trust funds as a single fund, solely for the purpose of investment.
(2) 
After deduction of management expenses, prorate any interest earned or capital gains realized among the various trust funds.
(3) 
Designate, in writing, a trust company or agency, having its principal office within the state, for the purpose of investment, and the Board of Trustees may consent to the investment of such funds in a common trust fund maintained by that trust company or bank for investment, as directed by the Board of Trustees, in accordance with the provision of 9 M.R.S.A. § 51, the law governing savings banks investments.
[Amended 10-5-2009]
B. 
The Board of Trustees may enter into a custodian and agency agreement with a trust company, bank, or agency as provided in Subsection A(3) above, and contract for investment advice for the standard fee for this service. The City Council shall establish a rate, after a public hearing, for the cost of the services of the bank as custodian and investment adviser. Any other expenses resulting from these services or other expenses incurred for transfer, sale, exchange or handling of these funds will be deducted from the income as management expenses.
[Amended 5-15-2000; 10-5-2009]