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The provisions of Section 10 of Chapter 25 of the Revised Ordinances of 1961 (Ord. Subsection 6-3.11) to the contrary notwithstanding, the said Commission shall prudently manage, invest and reinvest the funds bequeathed to the city under said will, together with such other sums as the Mayor and Boston City Council may make available to it, and shall expend the same in a manner agreeable to the said will, or agreeable to the provisions of any order making monies available to said Commission, but no such funds shall be expended except upon appropriation lawfully made after consultation with a Committee consisting of the following: one member appointed by the Mayor from two nominees of the Boston Society of Landscape Architects, one member appointed by the Mayor from two nominees of the Art Commission, the Park Commissioner and the Public Works Commissioner, or their respective designees, all of whom shall serve without further compensation, and those appointed by the Mayor shall serve at the pleasure of their nominating body.
(Ord. 1975 c. 5 § 2; CBC 1975 Ord. T16 § 301; CBC 1985 20-5.2)
The said Commission shall annually elect a firm or individual having not less than 20 years experience in the administration and investment of trust funds to serve as investment counsel and fund manager for such compensation as the Commission shall determine. The Commission may require said individual or firm to give bond for faithful performance of his, her or its duties, and for such other purposes as the Commission may require, in an amount agreeable to the said Commission. Said firm or individual and those members of the said Committee appointed by the Mayor shall be deemed to be special municipal employees for the purposes of M.G.L. Chapter 268A, but this Subsection shall not be deemed a waiver of the notice requirements of Section 8 of Chapter 486 of the Acts of 1909, as amended.
(Ord. 1975 c. 5 § 3; CBC 1975 Ord. T16 § 302; CBC 1985 20-5.3)
The said Commission shall meet at least quarterly on the first Wednesday or Thursday of January, April, July and October, at which meeting the firm or individual elected as investment counsel and fund manager shall furnish a report in writing, setting forth the current condition of the fund and any recommendations relative to the investment of the fund in the three months next following, together with the reasons for such recommendation. The said Commission shall, annually in January, submit to the Mayor and Boston City Council a report of its doings in the then previous year, together with an audited statement of the funds then in its control, and its estimate of the amount of money that will be available for expenditure in the then current year.
(Ord. 1975 c. 5 § 4; CBC 1975 Ord. T16 § 303; CBC 1985 20-5.4)
Notwithstanding any provision of law or ordinance to the contrary, and notwithstanding the requirement of appropriation.
(A) This Section shall be published by the action of the Boston City Council in passing the same.
(B) With the approval of the Mayor and Boston City Council the said Commission may, for the purpose of matching federal, commonwealth or private grants, grants-in-aid, gifts or bequests, obligate the expenditure of funds under its control for purposes agreeable to the aforesaid Browne will and/or to the terms of said grant, grant-in-aid, gift or bequest, whether or not the same is to be spent within the then current municipal or fiscal year.
(C) The said Commission may hold, and continue to hold, any security tendered to it if, in the opinion of the said Commission, such holding would be of benefit to the fund.
(Ord. 1975 c. 5 § 5; CBC 1975 Ord. T16 § 304; CBC 1985 20-5.5)
There shall be established in the city, by the Collector-Treasurer, the “Boston Ground Water Trust”, which trust shall be established in the form, and manner of the attached Declaration of Trust; and that, subject to the approval of the Boston City Council and Mayor, the Boston Ground Water Trust be and hereby is authorized to accept and expend any and all funds contributed to it consistent with the purposes of the Declaration of Trust attached hereto and filed herewith.
(CBC 1985 20-6.1; Ord. 1986 c. 11 § 1 [400])
Editor’s note:
A copy of the “Declaration of Trust” shall be kept on file in the Office of the Boston City Clerk, and shall be available for public inspection.