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1999-11-16-TPT-min
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1999-11-16-TPT-min
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Trustees of Public Trusts - TPT
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TOWN OF LEXINGTON <br />TRUSTEES OF PUBLIC TRUSTS <br />Minutes of Meeting <br />November 16, 1999 <br />A meeting of the Trustees was held at 8:00 P. M. at 42 Adams Street, Lexington. <br />Present were Trustees Alan Fields, David G. Williams, Thomas G. Taylor, and Secretary <br />Tammy Wilson. <br />The minutes of the May 25, 1999 meeting were approved. <br />The Trustees voted to accept the following new funds, to be held in accordance <br />with the letters attached to these minutes: <br />Jack and Sally Gardner Fund <br />Willard Woods Conservation Fund <br />Earl and Elsie Dooks Scholarship Fund <br />Chiesa Farm Conservation Land Trust Fund <br />Richard and Jeanne Kirk Fund <br />The Trustees reviewed the Portfolio Report and discussed investment strategy in <br />the light of the potential addition of $1,000,000 to the Endowment Fund from the Kirk <br />Trust. It was decided to continue to manage the Fund in a way that produces a moderate <br />gain in fair market value, but with the priority being preservation of principal. We could <br />achieve these objectives by investment of up to 50% in equities. <br />A discussion took place as to the management of the Kirk Fund. It was noted that <br />there is possibly some inconsistency between the letter to the Trustees from David G. <br />Kirk, Trustee and the terms of the will of Richard J. Kirk. The will leaves a sum outright <br />to the Trustees of Public Trusts with an expression of hope as to how it will be used, but <br />no legal obligation on the Trustees. The will also permits the use of the principal of the <br />fund if necessary. The Trustees agreed to follow the terms of the letter from David Kirk <br />in the management of the fund when possible, but to look to the terms of the will as the <br />ultimate authority as to the use of the money. <br />It was voted to increase the pay of Tammy Wilson to $3000 per year, and to pay <br />her $1500 by December 31. It was also voted to give a $100 gift certificate to each of <br />Lynne Pease and Phyllis Smith in the Selectmen's office for their help to the Trustees. <br />It was voted to join the Council on Foundations if the membership fee is not more <br />than $150 per year. <br />Next meeting April 26, 2000 at 64 Marrett Road. <br />Tom Taylor, Secretary <br />
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