(A)   There is hereby created a scholarship fund known as the Wellston City Government Scholarship Fund.
   (B)   The fund shall be awarded and administered as follows.
      (1)   The Mayor shall appoint three citizens of the city, two of whom are teachers at the high school level and one person active within the city in a service organization or charity.
      (2)   The members of the Scholarship Board shall serve for a period of two years with one initial appointment for one year as so to stagger the terms so not more than one position will become vacant in any given year.
      (3)   The Scholarship Board shall have the discretion to award one or more than one scholarship in any given year, in amounts that it deems appropriate.
      (4)   A scholarship fund is organized exclusively for educational purchases, including the award of scholarship funds to assist its recipients in attending further education. The directors of the scholarship may receive and administer funds for educational purposes and they are empowered to hold any property or any undivided interest therein, without limitation as to amount or value; to dispose of any such property and to invest, re-invest or deal with the principal or the income in any such manner as, in the judgment of the directors, will best promote the purposes of the scholarship fund, without limitation, except such limitations, if any, as may be contained in the instrument under which such property is received, by further ordinance of the legislative authority of the city, or any applicable laws, to do any other act or thing incidental to or connected with the foregoing purposes or in the advancement thereof, but not for the pecuniary profit or financial gain of its directors.
(Ord. 3514, passed 4-17-2003)