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Library, Bentley Memorial Library Fund

LIBRARY BUILDING FUND Repealed by Board of Selectmen on September 17,1996


Adopted:  September 17, 1996

Published:  Journal Inquirer September 20, 1996

Effective Date:  October 5, 1996


1.         That a special Fund to be known as the Bentley Memorial Library Fund (the “Fund”) is hereby established for the purpose of receiving, holding and managing any devise, bequest or gift to be used in whole or in part to conduct or sponsor library programs, services and activities for Bolton, and for the acquisition, expansion, maintenance, improvement, repair and replacement of library facilities, equipment and collection.


2.         Any devise, bequest or gift for the above purposes presently held by the Town of Bolton in its capacity as trustee or agent shall be set over to said Fund with title therein to

be in the name of the Town and to be held and controlled according to the terms of such devise, bequest or gift.


3.         Any person desiring to make a devise, bequest or gift, or any firm, corporation or association desiring to make a gift for the benefit of the library may vest title of such donation in the town to be held and controlled according to the terms of such devise, bequest or gift.


4.         Said Fund shall be in the custody of the Treasurer of the Town of Bolton and all or any part of the monies in said Fund may, from time to time, be invested in any securities in which public funds may lawfully be invested.  All income derived from such investments shall be paid into the Fund and become a part thereof.  The monies so invested shall at all times be subject to withdrawal from such investments for use as provided in paragraph 1, above.


5.         Annually the Treasurer shall submit to the Board of Selectmen, the Board of Finance, and the Library Board of Trustees a complete and detailed report of the condition of said Fund, which report shall be make part of the Bolton Annual Report.


6.         Decisions regarding the use of monies in said Fund shall be made by the Library Board of Trustees in their discretion.  The Library Board of Trustees may consult, to the extent they deem appropriate with the Board of Selectmen concerning the administration and carrying out the purposes of such Fund.


7.         The Fund shall continue in existence until by ordinance it is determined to amend or discontinue the same.


8.         Upon dissolution of the Fund, any remaining balances shall be paid over into the general fund or such as the ordinance terminating said Fund shall direct.