Why did JF Archibald set up the Archibald prize?

because he jf before he past away he saved up allot of money maybe 986.897.968.456 dollars and put that in his will so when he had died they would build a foutine in Hydra/Hydre park and put the rest of the money on the winner of the Archibald prize which is $1500.maybe that the answer really i wasnt paying allot of attention in class