Sophia Kirstein Student Scholarship Trustees
The fund of $10,000 heretofore donated for the creation of a memorial to Sophia Kirstein, and to be known and designated as the "Sophia Kirstein Student Scholarship Fund," shall be forever held in trust by said City in the manner and for the objects hereinafter provided.
A. 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.
B. 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.
C. 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.
D. 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.
E. Charter provisions. Trustees shall be appointed as provided for by Section 13, Article V, of the City Charter.
F. 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.
G. 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.)
H. 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.