HomeMy WebLinkAbout1996-02-05-TPT-minTOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS
Minutes of Meeting of February 5, 1996
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A meeting of the Trustees was held at 8 :00 P.M. at the Town Office Building ori'
February 5, 1996. Present were Trustees Alan S. Fields, David G. Williams and Thomas,
G. Taylor, and Secretary Sheryl Mason. 1
The minutes of the September 21, 1995 meeting were reviewed and approved.
It was voted to approve the sales and purchases of securities on December 11,
1995 described in a letter dated December 14, 1995 from Shawmut Bank.
It was voted to pay $1000 from the George,Gilmore Fund toward the launching of
LexFest, as described in a letter from Dan Fenn dated January 5, 1996, with the request
that the gift be attributed to the Gilmore Fund if a list of contributors is published.
It was voted to direct the Shawmut to transfer some interest to principal on
nineteen funds as listed in a letter from Sheryl Mason dated February 5, 1996.
The Trustees approved payment of $1250 for bookkeeping services to Sheryl
Mason out of the Westview Cemetery Fund.
The Trustees voted to accept,the Virginia M. Powers Scholarship Fund.
Dave Williams reported on the response to the letter sent in December 1995 to the
various scholarships given in the schools.
An informal request has come from the Town for funds to help defray the cost of
the Patriots Day parade. The American Legion Celebration Fund and the Leroy S. Brown
Fund have together around $6000 plus in unexpended income. The Chairman will ask the
Selectmen to make a written request. A motion by David Williams to pay $750 now to
the Patriots Day Celebration Fund was not seconded, because it was felt by the other two
Trustees that the proper procedure was through a request from the Selectmen.
The Fund for Lexington, initiated by the Selectmen through a recent letter to the
citizens, has received contibutions. The Selectmen are in the process of setting up a
committee which will be responsible for deciding how the funds are to be used. The
Trustees will be responsible only for the investment of the fund.
It was felt that the Trustees should have a better idea of the performance of the
Endowment Fund, and Sheryl was asked to request that Shawmut propose a method for
reporting total return on an annual basis.
In response to requests, the Trustees will report that the following approximate
amounts will be available for scholarships from the following funds: Sherburne, $1600;
Blake, $300; Harrington, $2000; Denk, $300. All scholarship funds will be disbursed at
the next meeting.
Dave Williams proposed that 25% of income be added to principal each year from
the funds within the Endowment Fund where that is not already done. He felt that it is
important to to enable these funds to grow and thus preserve them for the future. We
have suggested this to founders of new funds and everyone has thought it is a good idea.
Fields and Taylor, however, felt that the Trustees do not have the authority to divert
income to principal where funds were established with the stipulation that all the income
be used for particular purposes.
Next meeting: Wednesday April 24 at 8:00 P.M. at the Town Office Building.
Tom Taylor, Secretary