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TOWN OF LEXINGTON <br />TRUSTEES OF PUBLIC TRUSTS <br />Minutes of Meeting <br />December 4, 2002 <br />A meeting of the Trustees was held at 8:00 P. M. at 1433 Massachusetts Avenue, <br />Lexington. Present were Alan Fields, David Williams and Thomas Taylor. <br />The minutes of the August 8, 2002 meeting were approved. <br />David reported that a statement had been distributed to beneficiaries of the funds <br />explaining the effect on payouts of the decline of the equity markets and interest rates. <br />Funds have been switched from equities to fixed income; we are now at 20% on <br />the equity side of the portfolio. <br />The following new funds were accepted; <br />George O. Smith Scholarship Fund - initial contribution $246,518. <br />Norman Cohen Scholarship Fund - initial contribution $6700. <br />Virginia and Edward Williams Scholarship Fund - $8725. <br />Terms are set forth in letters attached to these minutes. <br />It was voted to accept changes in the terms of the David Isenberg Fund as set forth <br />in the attached letter. <br />Pursuant to agreement with the Town, as of July 1 all income in the Westview and <br />Munroe Cemetery Funds was transferred to principal. All perpetual care funds received <br />by the Town will be sent to the Trustees, and every January 1 income accrued on'these <br />cemetery funds will be transferred to the Town. <br />As in the past, Christmas gifts of $100 each will be given to the two secretaries <br />who help with administrative tasks in the Town Office, funds to come from the Gilmore <br />Fund. <br />It was voted to merge the Colonial and Charles French Cemetery Funds. <br />Next meeting on January 29, 2003 at State Street Global Advisors. <br />Tom Taylor, Secretary <br />