2016-12-07-TPT-min - Laserfiche WebLink

Browse Search

TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS Minutes of Meeting of December 7, 2016 The meeting was held at 8:00 pm at the home of Alan Fields at 42 Adams Street, Lexington, MA. Present were Alan Fields, David Williams and Susan McClements. Minutes from the August 25, 2016 meeting were unanimously approved. Alan Fields updated the Trustees on the performance of the portfolio. Results for the third quarter and the year as a whole exceed benchmarks. Alan will follow up with State Street Global Advisors about a monthly $100 charge for a defunct annuity from the Cary Memorial Library fund. Going forward, Susan McClements will provide Town Clerk, Nathalie Rice, with electronic copies of approved minutes from the Trustees' meetings. David Williams has sent Ms. Rice minutes from past meetings. David Williams reported that the Selectmen accepted the terms of the Merion Ritter Scholarship Fund. David presented the terms of two new funds to the Trustees, "The Evelyn T. Brega Foreign Studies Scholarship Fund" and the "Quinn Amsler Memorial Scholarship Fund", both of which were unanimously approved and will be forwarded to the Selectmen for acceptance. The Trustees unanimously approved the distribution of $1,000 from the Jack & Betty Eddison Blossom Fund to the Lexington Conservation Stewards in support of its annual appeal. David will suggest that the Stewards consider sending proposals for funding specific projects to the Trustees for consideration in the future. At the Trustees' November 4, 2015 meeting, David presented plans from the Lincoln Park Committee (of which David is a member) for a granite sculpture park and indicated that the committee might request funds from the Trustees to defray some of the costs. At this evening's meeting, David reported that plans have been put out to bid with anticipated costs of $70K. The Town has committed $30K towards the project and David asked the Trustees to consider contributing towards the project. After discussion, Alan and Susan voted unanimously, with David abstaining, to disburse a total of $8,000 from the following funds in the following amounts in support of the Lincoln Park Granite Sculpture projec • $2,000 from the Jack & Betty Eddison Blossom Fund; >t o • $1,000 from the George W. Taylor Tree Fund; and • $5,000 from the George L. Gilmore Fund. o r