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114 Marrett Road <br /> Lexington, MA 02421 <br /> December 26, 2016 <br /> Mr. Alan S. Fields <br /> Chairman, Trustees of Public Trusts <br /> Town Office Building <br /> 1625 Massachusetts Avenue <br /> Lexington, MA 02420 <br /> Dear Mr. Fields: <br /> This letter is to set fo•th the terms on which the Trustees of Public Trusts agree to hold the <br /> Dailey Farm Scholarship. <br /> 1. The Trustees will hold and invest the fund as part of the endowment administered by <br /> them for the benefit of the Town of Lexington. <br /> 2. Each year the Trustees will transfer to the Lexington Scholarship committee 1/4 of the <br /> annual net income. <br /> 3. One-quarter of the annual net income and all capital gains shall be transferred to the <br /> principle. <br /> 4. Contributions to the fund may be made at any time and if designated, may be directed to <br /> either principle or income. <br /> 5. Each year the Lexington Scholarship committee may award one or more Dailey Farm <br /> Scholarships. <br /> 6. To be eligible the recipient must meet the following criteria: <br /> a. Have demonstrated financial need; <br /> b. Be a resident of Lexington at the time of his or her graduation; <br /> c. Preference will be given to a.child of a Town of Lexington employee <br /> d. Preference will be given to a student who is planning to further his or her <br /> education in the trades or in agriculture; <br /> e. Preference will be given to students who are attending or will attend schools such <br /> as Wentworth, Institute, UMASS at Stockbridge, or the Peterson.School; <br /> f. Be a graduate �of either Lexington High School or Minuteman Regional High <br /> School; <br /> g. A member of the Dailey family will be asked to present the award as long as they <br /> are willing and able to do so; <br /> h. A member of the Dailey family will ask to receive the credentials of the recipient <br /> as long as they are willing and able to do so. <br /> Thank you in advance for your assistance. <br /> Very Truly Yours, <br /> William��T�'ai ey,fir. <br /> cc: D. Williams <br /> S. McClements <br /> L. Wilson <br />