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TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS Minutes of Meeting of February 23, 2011 The meeting was held at 12 :00 PM at the offices of Atlantic Trust at 100 Federal Street, Boston, MA Present: Alan Fields, Thomas Taylor, David Williams, and Dennis Dwyer and Jack Serhant from SSGA. The minutes of the September 20, 2010 meeting were approved Jack Serhant reviewed the performance of the portfolio for the 2010 year. The investment pool and the library funds exceeded the benchmarks; the two cemetery funds lagged slightly due to legal list investment restrictions. The trustees voted to confirm the investment changes outlined in the e -mail dated 02/08/2011 from Alan to Jack Serhant, a copy of which is attached to these minutes. There was a discussion of the provisions of Ch. 183A of the Mass. Laws which lets trustees pay out principal even though the original gift restricts pay outs to income. We have eight small funds with balances of around $6000 or less. It was decided to instruct SSGA to add the income to principal in these funds. Any payments from these funds will be made from principal in the future. There was a brief discussion of efforts to identify persons in town who would be good replacements for trustees in the future. David mentioned the efforts of the some people working with the Seashore Trolley Museum to restore Car 41 which ran between Lexington and Waltham. We would like to support this effort and agreed to give $1000 if the Museum can raise a matching amount from Lexington sources. David will talk to Ed Dooks and if he is satisfied we will make the grant. We considered the bid from McCue the Florist to supply flower barrells for the Center. Alan thought this was something the Fund for Lexington should undertake this year and he will submit a request to the Fund. David raised his concern about the Jackie Smith Fund. The income is not being used, possibly because the purposes are too restrictive. David agreed to approach Laurie Peck, Carl and Rob to see if a way can be found to utilize this fund. Tom Taylor, Secy.