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HomeMy WebLinkAbout1993-04-27-TPT-minTown of Lexington Trustees of Public Trusts Minutes of Meeting A meeting of the Trustees was held at 12:00 noon on April 27, 1993 at 265 Franklin Street, Boston, Massachusetts. Present were Trustees Alan S. Fields, Thomas G. Taylor and David G. Williams. The minutes of the meeting of the October 21, 1992 meeting were approved. It was voted to approve the following transactions: January 1993 - Sale of 9 shares of Synopsys donated to the Lexington Education Fund. February 16, 1993 - Purchase of 300 shares of Mattel Incorporated. February 22, 1993 - Sale of 100 shares AT &T and 100 shares Caterpillar. February 11, 1993 - Purchase for Westview Cemetery Fund ( of $125,000 U.S. Treasury notes, 6% due 10/15/99. March.1, 1993 -- Purchase of $45,000 U.S. Treasury notes, 3.875% due 2/18/95 and $50,000 U.S. Treasury notes, 5.125% due 2/28/98. Noting the the yield in the Endowment Fund has been going down because of the lowering of interest rates, after a discussion, the Trustees agreed to increase the limit on the equity portion of the portfolio to not more than 50% of the portfolio value. It was voted to transfer $100 from the Albert Ball Tenny Fund to Boston Edison Company to light the Minuteman Statue. The Trustees voted the following scholarships to be awarded at the high school in the spring: Hallie C. Blake Fund -- two scholarships at $150 each French School Fund - one $100 scholarship Harrington Memorial Fund - three $400 scholarships Richard Isenberg Fund - one $500 scholarship Foster and Tenny Sherburne Fund - four $350 scholarships Borghesani Fund - one $500 scholarship It was also voted to transfer 25% of the income as of December 31, 1992 to principal in"the Richard Isenberg Fund, at the request of Mr. Isenberg. The trustees accepted the following funds to be part of the Endowment Fund: Sangwood Ahn Memorial Scholarship Fund, Dorothea Schmidt -Penta Memorial Scholarship Fund, and the Jack Eddison Blossom Fund. Mr. Williams will speak to the family and suggest that the Schmidt -Penta Fund income be added to principal for several years in order to build up the Fund. The Trustees received a requesfrom the East Lexington Neighborhood Association for $400 to purchase trees for the beautification of Massachusetts Avenue in East Lexington. It was voted to disburse $400 from the George Taylor Tree Fund. The next meeting of the Trustees is October 14, 1993 at 12:00 noon at 265 Franklin Street. The meeting was adjourned at 1:17 p.m. Respectfully submitted, Thomas G. Taylor, retary TAYTICB9 March 19, 1993 Mr. Allen Fields Trustees of Public Trust 10 Marshall Road Lexington, MA 02173 Dear Mr. Fields: The Beautification Committee, a sub - committee of the East Lexington Neighborhood Association, respectfully requests a contribution of $400 to assist with the enclosed tree planting plan for Massachusetts Avenue. Our goal for this year is to plant at least five trees. These trees will be purchased and planted by Lexington's Department of Public Works. We have collected sufficient funds from the membership and private donations to purchase three trees. An additional $400 will be needed to meet our 1993 goal. We would also value any suggestions you may offer to further our efforts to beautify the East Lexington shopping district. Thank you for considering our request. Sincerely, Julie Ann Miller Board Member, Beautification Committee cc: David Wd;11J.ams Enc. February 23, 1993 Preliminary List for TREE PLANTING - EAST LEXINGTON, MASSACHUSETTS AVENUE within right -of -way at street curb NORTH SIDE (starting at Toyota and proceeding eastward) 1 tree in line with property line between #371 and 363 2 trees in front of #363 building on either side of mail box 2 trees in front of #329 brick apartment building 2 trees in front of Sunoco (Sunoco might contribute) 1 tree in front of #269 white house 1 tree in front of #229 1 tree in front of New Asia Restaurant's concrete planter 1 tree in front of New Asia Restaurant's- wood planter. 1 tree in front of line between Arty's and New Way Dry Cleaners 1 tree in front of Bellino's Pastry Shop 1 tree in front of #109 white house 3 trees in front of Berman's and their parking lot (one in yew bed) 2 trees in front of Mobil Gas Station 1 tree in front of #13 & #11 green house west of Mal's 20 trees TOTAL These tree plantings will require the digging of a tree planting pit 4 feet by 8 feet in area next to the curb and 3 feet deep, including removal of paving and unsuitable soil not conducive to plant growth. The pits should then be backfilled with a planting mix of 45% by volume of good friable loam, 45% composted cow manure and 10% Isolite porous ceramic.