2012-05-17-TPT-min - Laserfiche WebLink

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TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS Minutes of Meeting of May 17, 2012 The meeting was held at 7:30 pm at the home of Alan Fields at 42 Adams Street; Lexington, MA. Present were Alan Fields, David Williams, Susan McClements, and Louis Conrad II. Alan Fields opened the meeting with an overview of the Trustees of Public Trusts for Lou Conrad. Lou has been invited to join the Trustees to serve as a non - voting member on the Investment Advisory Committee. Minutes from the Trustees February 8, 2012 meeting were unanimously approved. The Trustees unanimously adopted the Dean/Hughsted Scholarship Fund. Established with an initial $5,000 donation, terms of the fund are set forth in a letter dated May 16, 2012 from Mary Dean and William flughsted to the Trustees. The fund will be sent to the Selectman for acceptance and approval. The Trustees discussed a request from the Lexington Tourism Committee for up to $12,500 to help with the desof Antony Park as detailed in a letter dated May 13, 2012 from the Lexington Tourism Committee to the Trustees. Slated for opening and dedication in 20_ Antony Park is named for Lexington's sister city in Antony, France. The William Tower Fund has a balance of $132,000 in principal and $9,600 in income. By majority vote, the Trustees approved $5,000 from the William Tower Fund to support the desigu-of Antony Park. -/L., Barrels and plantings for Lexington Center will cost $6,915 this season. David Williams will write a letter to the Fund for Lexington requesting the funds. As of April 30, 2012 the BOLT trust (Backers of Lexington Track) had a balance of $7,201.43. The trust was originally established to upgrade the indoor track at the high school. Prompted by the fact that the indoor track has been upgraded and will be maintained by the school department, BOLT has asked to amend the terms of the trust as set forth in a letter dated May 5, 2012 from BOLT to the Trustees. The Trustees unanimously approved the amended terms of the trust. David will ask SSGA (State Street Global Advisors) to reclassify the BOLT trust from a beautification fund to a recognition fund. The Trustees unanimously approved the disbursement of scholarship funds to the 2012 scholarship recipients and /or their schools. Trustees reviewed the SSGA report dated March 31, 2012 and were satisfied with the total portfolio performance.