Source: https://ecode360.com/6889244
Timestamp: 2017-11-19 14:20:53
Document Index: 620830134

Matched Legal Cases: ['§ 45', '§ 45', '§ 45', '§ 45', '§ 45', '§ 45', '§ 45', '§ 45', 'Art. 32', 'Art. 27']

City of Bangor, ME Funds
Ch 45 Art I Hersey Fund
§ 45-2 Fixed annual income; quarterly payments.
§ 45-3 Investments and expenditures.
§ 45-4 Use of fund.
§ 45-5 Annual report.
§ 45-6 Library fund.
Ch 45 Art II School Funds
§ 45-7 Holton Public School Fund.
§ 45-8 French Medal Fund.
§ 45-9 Sophia Kirstein Student Scholarship Fund.
Chapter 45: Funds
[HISTORY: Adopted by the City Council of the City of Bangor as indicated in article histories. Amendments noted where applicable.]
Chapter 45 : Funds
Article I Hersey Fund
Article II School Funds
Article I: Hersey Fund
[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 Section 14 of Article V of the City Charter.
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.
Article II: School Funds
[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."
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.
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.
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."
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.
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.
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.
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 he or she makes application may apply to the Trustees for a scholarship from this fund.
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.
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 in the manner above presented by the City Council.
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.
Charter provisions. Trustees shall be appointed as provided for by Section 13, Article V, of the City Charter.
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.
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.)
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.