HomeMy WebLinkAbout1994-02-10-TPT-min{
Town of Lexington
Trustees of Public Trusts
Minutes of Meeting
A meeting of the Trustees was held at 12:00 noon on
February 10, 1994 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 14, 1993 meeting,,
were reviewed and approved.
It was voted to approve the sales and purchases of securities
in the Westview Cemetery Fund, the Monroe Cemetery Fund and the
Endowment Fund as described in letters from Shawmut Investment
Advisors dated January 3, 1994, attached to and made a part of
these minutes.
The Chairman reported that the proportion of equities in the
Endowment Fund has reached 35 %.
Letters were received by the Chairman from Richard Spiers
regarding improvements at Westview Cemetery and asking for funds
for various projects. It was decided to try again to explain to
various town officials that the trustees only manage the
investment of the funds, and have no authority to decide how the
funds are spent. Mr. Spiers stated that 55% of the proceeds from
sale of graves goes into the Westview Cemetery Fund. Since the
trustees have not seen any additions from that source, the
Chairman was directed to find out what really happens to that
money.
The trustees voted to make available for scholarships the
following amounts from the following funds:
French School $ 200.00
Harrington Memorial $2,000.00
Isenberg $ 500.00
Hallie C. Blake $ 400.00
Foster and Tenny Sherburne $1,600.00
Schumacher $1,400.00
It was noted that the Bridge Charitable Fund has an income
balance of almost $6,600.00. The trustees felt that at least
$3,000.00 from this fund should be spent in town and the Chairman
was asked to talk to Steve Baran to find out what the needs for
funds are in addition to those funded by the Human Services
Funded.
The next meeting will be held on June 2, 1994 at 12:00 noon
at the office of Alan S. Fields.
TAYT /CB9
Respectfully submitted,
Thomas G. Taylor,
tary