2001-01-24-TPT-min - Laserfiche WebLink

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TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS Minutes of Meeting January 24, 2001 A meeting of the Trustees was held at 8: 00 AM at the home of David Williams at 1433 Massachusetts Avenue, Lexington. Present were Alan Fields, David Williams and Thomas Taylor, and Secretary Julie Connery. The minutes of the May 24, 2000 meeting were approved. The Portfolio Report was reviewed and all transactions since the last meeting were approved. Questions were raised about some of the entries in the Fleet Bank reports and David will contact our man at Fleet about them. The Trustees voted the transfer of 25% of income to principal in the funds listed on the memo dated January 20, 2001, a copy of which is attached to these minutes. D000 The Trustees voted to transfer $3500 the Town from the Charles E. French Colonial Cemetery Fund for fencing and om the George Taylor Tree Fund for trees to be planted around Town. We will inquire if we can provide support for a more significant tree planting proposal. $2500 was voted from the Human Services Fund to be transferred to the Human Services Committee. The Trustees reviewed the draft of our portion of the Town Report which David had prepared. The procedure to be followed when we receive gifts of stock was reviewed. A method was established for getting immediate notification to Alan's office. Julie explained the voucher system required by the Town's auditors, which requires all three Trustees to sign the vouchers. This can be done after the fact at our regular meetings. The Trustees held a meeting in June with representatives of Woodstock Corporation, an investment adviser. There was further discussion of this subject but it was decided that we cannot improve on the present arrangement of having our investments managed by Alan through Harbor Capital Management.