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3351 To establish The Police Services Board Scholarship Trust Fund"THE TOWN OF TILLSONBURG BY-LAW NUMBER 3351 A BY-LAw to establish "The Police Services Board Scholarship Trust Fund" WHEREAS The Police Services Board has established a scholarship offering to a graduating, Tillsonburg resident, a bursary of $1,000 to assist a student in a post -secondary program in Law Enforcement at an Ontario university, community college or private school. AND WHEREAS the Council of the Corporation of the Town of Tillsonburg has endorsed the scholarship program and wishes to establish a trust fund to provide for the $1,000 bursary. THEREFORE the Council of the Town of Tillsonburg enacts as follows: 1. There is hereby established a trust fund under name of "The Police Services Board Scholarship Trust Fund". 2. The objectives of the fund are to receive, maintain, control and use available funds for the provision of a bursary of $1,000 to assist a student in a post -secondary program in Law Enforcement at an Ontario university, community college or private school pursuant to the provisions of this by-law; 3. The Trustee of the Fund shall be the Council of the Corporation of the Town of Tillsonburg and shall have the power to: a) Accept donations to the fund including any real or personal property granted, donated, devised, bequeathed or otherwise conveyed to it, and to convert any such property into money; b) Authorize payment of sums of money, as requested from the Police Services Board, from mo «ies donated or from monies earned from investments of the subject fund in accordance with the objectives and provisions of this by-law; c) Invest. monies of this fund as provided in paragraph (4.) of this by-law. 4. Donations received herein shall be deposited into a special account and may be invested in such securities as a trustee may invest in under the Trustee Act, and the earnings derived from the investment of such monies form part of the fund. 5. The Town Treasurer shall be the Treasurer of the Fund herein. 6. The Auditors ac appointed from time to time by Town Council shall cause an audit to be made annually of the receipts and disbursements of the fund herein. 7. Donations made to the Fund shall be receipted by the municipality and subject to Paragraph 110 (1) of The Income Tax Act and shall have the same status as gifts to a registered charity. 8. This by—law shall come into force upon enactment. READ a FIRST and. SECOND TIME THIS THE 26th DAY OF January, 2009 READ a THIRD TIME ai1d FINAL TIME AND PASSED THIS 26th DAY OF January, 2009. MAYOR -Stephen Molnar CLERK -Michael Graves