1996-02-05-TPT-min - Laserfiche WebLink

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TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS Minutes of Meeting of February 5, 1996 S,. A meeting of the Trustees was held at 8 :00 P.M. at the Town Office Building ori' February 5, 1996. Present were Trustees Alan S. Fields, David G. Williams and Thomas, G. Taylor, and Secretary Sheryl Mason. 1 The minutes of the September 21, 1995 meeting were reviewed and approved. It was voted to approve the sales and purchases of securities on December 11, 1995 described in a letter dated December 14, 1995 from Shawmut Bank. It was voted to pay $1000 from the George,Gilmore Fund toward the launching of LexFest, as described in a letter from Dan Fenn dated January 5, 1996, with the request that the gift be attributed to the Gilmore Fund if a list of contributors is published. It was voted to direct the Shawmut to transfer some interest to principal on nineteen funds as listed in a letter from Sheryl Mason dated February 5, 1996. The Trustees approved payment of $1250 for bookkeeping services to Sheryl Mason out of the Westview Cemetery Fund. The Trustees voted to accept,the Virginia M. Powers Scholarship Fund. Dave Williams reported on the response to the letter sent in December 1995 to the various scholarships given in the schools. An informal request has come from the Town for funds to help defray the cost of the Patriots Day parade. The American Legion Celebration Fund and the Leroy S. Brown Fund have together around $6000 plus in unexpended income. The Chairman will ask the Selectmen to make a written request. A motion by David Williams to pay $750 now to the Patriots Day Celebration Fund was not seconded, because it was felt by the other two Trustees that the proper procedure was through a request from the Selectmen. The Fund for Lexington, initiated by the Selectmen through a recent letter to the citizens, has received contibutions. The Selectmen are in the process of setting up a committee which will be responsible for deciding how the funds are to be used. The Trustees will be responsible only for the investment of the fund. It was felt that the Trustees should have a better idea of the performance of the Endowment Fund, and Sheryl was asked to request that Shawmut propose a method for reporting total return on an annual basis.