1991-02-28-TPT-min - Laserfiche WebLink

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Town of Lexington Trustees of Public Trusts Minutes of Meeting The meeting of the Trustees was held at 12:00 noon on February 28, 1991 at 265 Franklin Street, Boston, Massachusett3. Present were Trustees Alan S. Fields, Thomas G. Taylor and David G. Williams. The minutes of the meeting of December 13, 1990 were read and accepted. The Trustees voted to recommend that the Town turn over the principal and all accrued interest as of the end of the current municipal fiscal year of the Charles Lyman Weld Fund to the Lexington Educational Foundation, the principal to be held as an endowment fund, and the accrued interest to be available for use for grants. It was voted to approve the purchase of the following equities in the Endowment Fund: 200 shares Coca Cola 100 shares Johnson & Johnson 100 shares Schlumberger It was voted to accept the Anne E. Borghesani Memorial Fund as part of the Endowment Fund. The terms upon which this Fund are to be held are spelled out in a letter dated January 16, 1991, a copy of which is attached to and made a part of these minutes. It was voted to establish a minimum size of $5,000 for funds which will be accepted by the Trustees for inclusion in the Endowment Fund operated by the Trustees. The Trustees received and reviewed a report from Steven Baran, Human Services Coordinator, showing income and expenditures from the Lexington Human Services Fund for the period July 1, 1990 through December 31, 1990. There was a discussion of the Westview Cemetery Fund which has accumulated income of approximately $300,000 as of January 31, 1991. Alan Fields is to speak to Rick White about the use of this money by the Town in the coming year. NEXT MEETING: APRIL 12, 1991 AT 12:00 NOON AT 265 FRANKLIN STREET, BOSTON, MA. Tt-v‘ • A.1 Thomas G. Tayl Secretary TAYT /QO9