HomeMy WebLinkAbout1998-09-17-TPT-CullerSeptember 17, 1998
Mr. Alan Fields, Chairman
Trustees of Public Trusts
Town of Lexington
Lexington, MA 02420
THE NAN AND RAYMOND CULLER SCHOLARSHIP FUND
Dear Mr. Fields:
This letter is to set forth the terms on which the Trustees of Public Trusts
agree to hold the trust fund (to be known as The Nan and Raymond Culler
Scholarship Fund) established by the family and friends of the Cullers.
1. The Trustees will hold and invest the fund as part of the common trust
funds administered by them for the benefit of the Town of Lexington.
2. Net income from the fund shall be paid as follows:
a. Each year the Trustees shall award a scholarship in the amount of
$500.00 or three- fourths of the net income of the fund whichever is
greater. Any remaining income from the fund shall be added to the
principal.
b. The selection of the scholarship recipient shall be made by the PTA
Council Scholarship Committee or their successors.
c. To be eligible a potential recipient must meet the following criteria:
(i) Be a graduating senior at Lexington High School, planning on
attending an institution of higher education;
(ii) Be a resident of the town of Lexington;
(iii) Have participated in community public service, including
volunteer activities in the town of Lexington.
d. If in any year no qualified students, or no students, apply for this
scholarship, the amount of the award for that year may be accumulated
and paid out in a subsequent year, as the selection committee shall
determine, or may be added to the principal.
Sincerely yours, s
VA I
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Nan M. Culler