(A) There is established in the town the Stephen B. Church Memorial Fund, the purpose of the Fund to be the preservation of the Stephen B. Church Memorial Town Hall. The following shall be the administering and governing regulations and the same are hereby adopted for the Stephen B. Church Memorial Fund.
(B) There shall be a Board of Managers, three in number who shall be responsible for the administering of the Stephen B. Church Memorial Fund. The First Selectman and Town Treasurer shall serve as ex officio members of the Board. The Board of Managers shall be appointed by the Board of Selectmen and shall serve for a term of three years from their appointment, except that initially one member shall be appointed for three years; one member shall be appointed for two years and one member shall be appointed for one year; thereafter one member shall be appointed each year for three years. Any vacancies occurring on the Board of Managers shall be filled for the unexpired term by the Board of Selectmen.
(C) The Board of Managers shall be responsible for the management and expenditures of the Stephen B. Church Memorial Fund, and for the preservation, major maintenance and continued operation of the Stephen B. Church Memorial Town Hall. In doing so, the Board of Managers shall comply with the laws of the state governing the management of trust funds and with the wishes and intent of the will of Stephen B. Church. The Board of Managers shall not expend, for any one item, sums in excess of $10,000 without prior town meeting approval.
(D) The Board of Managers shall elect a Chairperson and Secretary from among its members. It shall fix the time and place of holding its meetings and adopt rules for its own procedure. It shall keep regular minutes of its meetings and shall submit during the month of March of each year an annual report of its doings to a duly called town meeting.
(E) The Board of Managers may accept any gift of property of any character and add same to the Stephen B. Church Memorial Fund provided no gift which imposes upon the town any obligation to incur any expenses in order to keep, use or maintain the gift, may be accepted by the Board unless it is approved by town meeting action.
(F) A special bank account entitled the Stephen B. Church Memorial Fund is created in the name of the town at a financial institution chosen by the Board of Managers, and any and all receipts from the sale of assets not temporarily reinvested and from income thereon pertaining to the bequest to the town under the last will and testament of Stephen B. Church be deposited therein, and that in the future the account shall have deposited in it all sums received, whether through the sale of assets, by gift or by way of income from investments.
(G) A financial institution chosen by the Board of Managers will act as custodian of the Stephen B. Church Memorial Fund. The financial institution shall have the power to invest, reinvest, collect income and to perform any and all other duties in relation to the Fund which conform to the laws of the state. The financial institution as custodian shall have the power to convert any portion of the Fund into cash, when requested by the Board of Managers, upon the order of the Selectmen and Town Treasurer, and to make disbursements, in accordance with the request and direction of the Board of Managers.
(H) The financial institution shall prepare each year during the month of January, and at other times upon written request of the Board of Managers or the Board of Selectmen, an accounting of the Stephen B. Church Memorial Fund which accounting shall be presented to the Board of Managers.
(Ord. passed 3-26-1980; Ord. passed 12-17-1990)