2012-12-10-TPT-min - Laserfiche WebLink

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TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS Minutes of Meeting of December 10, 2012 The meeting was held at 12 :00 pm at the offices of Atlantic Trust at 100 Federal Street,. Boston, MA. Present were Alan Fields, David Williams and Susan McClements. -- Minutes from the Trustees July 26, 2012, meeting were unanimously approved with one minor change to the wording about the Angela/Jere Frick Conservation Fund. Alan Fields led a conversation about possible candidates for the investment committee. It is unclear whether Adrian Jackson will be able to join the committee. The Trustees will continue to think about possible candidates for the committee. David Williams and Susan McClements recommended a potential candidate. Alan will look into the potential candidate's background and experience to determine whether it makes sense to set up an initial meeting between Alan and the candidate. Alan will follow up with Investment Committee member Lou Conrad to review the portfolio performance. Alan noted that approximately $200,000 in bonds will mature in 2013. He will discuss with Lou the best strategy for reinvesting those funds. The Trustees continued discussions about how best to honor the town's 300`" Anniversary. After some discussion, the Trustees agreed to inquire about providing funds to expedite the building of a park planned for the former access road between the Bank of America and Bertucci's. As much as $20,000 may be available for this project comprised of contributions from the George L. Gilmore Fund, the Fund for Lexington, the George W. Taylor Tree Fund and the Jack Blossom and Betty Eddison Fund ?? David Williams will follow up with Selectmen Chair Deb Maugher about the Trustees desire to fund the park as a 300t Anniversary gift and see about next steps. David reported that Lexington residents Jamey Rosenfield and Susan Kenyon inquired about establishing a fund to honor Rick Abrams and benefit ACROSS Lexington. ( "ACROSS" stands for Accessing Conservation land, Recreation areas, Open space, Schools and Streets). David will work to finalize the terms of the Rick Abrams ACROSS Lexington Fund for Alan's approval. Alan will then forward the terms of the fund along to the Selectmen for their approval and acceptance. David reported that McCue's would like to know whether they should plan to plant the 42 barrels in Town Center this spring. Planting the barrels would cost $6,150. In years past the Trustees have asked the Fund for Lexington to pay the cost of planting the barrels. David will draft a letter to the Fund for Lexington requesting the funds. Alan reviewed results from State Street Global Advisors for the period ending October 31, 2012. The Trustees were satisfied with the performance of the funds, most of which were meeting or exceeding benchmarks.