Laserfiche WebLink
Breadcrumb Navigation:
Memorandum to: Alan Fields <br />Chairman <br />Trustees of the Public Trust <br />Subject: Millennium Arts Fund <br />This letter is to set forth the terms under which the Trustees of Public Trusts agree to hold <br />the Trust fund to be know as the Millennium Arts Fund which we have established.The fund <br />is being established with the expectation that the Lexington Education Foundation will <br />continue to fund grants which benefit all curriculum areas of the public schools, including visual <br />arts, performing arts and creative writing. <br />1. The Trustees will hold and invest the fund as part of the common trust funds administered <br />by them for the benefit of the Town of Lexington. <br />2. Three - quarters of the net income from the fund earned each year shall be paid from time <br />to time as requested by the Lexington Education Foundation to fund part or all of an LEF <br />grant. <br />3. The Board to designate an appropriate grant(s) shall be the Board of the Lexington <br />Education Foundation. <br />4. One quarter of the ne7' income and all capital gains earned each year shall be added to <br />the principal. <br />5. If once in the future a Selectmen endorsed group decides to hold a town wide <br />event similar to first night 2000, they may ask the Selectmen to request with LEF approval, <br />$2500.00 from the principal of the fund. This shall be seed money for the event which may <br />be repaid if possible. <br />cc: J. Pieri <br />J. Foster <br />D. Williams <br />K. Abbott <br />C. i�J� <br />