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A.
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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.
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B.
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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.
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C.
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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.
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D.
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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.
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E.
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Charter provisions. Trustees shall be appointed as provided for
by Section 13, Article V, of the City Charter.
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F.
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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.
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G.
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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.)
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H.
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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.
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