HomeMy WebLinkAbout2012-05-17-TPT-minTOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS
Minutes of Meeting of May 17, 2012
The meeting was held at 7:30 pm at the home of Alan Fields at 42 Adams Street;
Lexington, MA. Present were Alan Fields, David Williams, Susan McClements, and
Louis Conrad II.
Alan Fields opened the meeting with an overview of the Trustees of Public Trusts for
Lou Conrad. Lou has been invited to join the Trustees to serve as a non - voting member
on the Investment Advisory Committee.
Minutes from the Trustees February 8, 2012 meeting were unanimously approved.
The Trustees unanimously adopted the Dean/Hughsted Scholarship Fund. Established
with an initial $5,000 donation, terms of the fund are set forth in a letter dated May 16,
2012 from Mary Dean and William flughsted to the Trustees. The fund will be sent to
the Selectman for acceptance and approval.
The Trustees discussed a request from the Lexington Tourism Committee for up to
$12,500 to help with the desof Antony Park as detailed in a letter dated May 13, 2012
from the Lexington Tourism Committee to the Trustees. Slated for opening and
dedication in 20_ Antony Park is named for Lexington's sister city in Antony, France.
The William Tower Fund has a balance of $132,000 in principal and $9,600 in income.
By majority vote, the Trustees approved $5,000 from the William Tower Fund to support
the desigu-of Antony Park. -/L.,
Barrels and plantings for Lexington Center will cost $6,915 this season. David Williams
will write a letter to the Fund for Lexington requesting the funds.
As of April 30, 2012 the BOLT trust (Backers of Lexington Track) had a balance of
$7,201.43. The trust was originally established to upgrade the indoor track at the high
school. Prompted by the fact that the indoor track has been upgraded and will be
maintained by the school department, BOLT has asked to amend the terms of the trust as
set forth in a letter dated May 5, 2012 from BOLT to the Trustees. The Trustees
unanimously approved the amended terms of the trust. David will ask SSGA (State
Street Global Advisors) to reclassify the BOLT trust from a beautification fund to a
recognition fund.
The Trustees unanimously approved the disbursement of scholarship funds to the 2012
scholarship recipients and /or their schools.
Trustees reviewed the SSGA report dated March 31, 2012 and were satisfied with the
total portfolio performance.
The Trustees are still waiting to hear from the Arts Council on a recommendation for
placement of a sculpture purchased in part with funds from the Trustees. The sculpture
remains in storage at Cary Library.
The Trustees discussed how best to support plans for the Town of Lexington's 300th
Anniversary celebrations. David will follow up with Sue Rockwell, chair of the planning
committee and Board of Selectman Chair, Deb Maugher for further input.
The meeting adjourned at 9 pm.
Respectfully submitted,
Susan K. McClements