HomeMy WebLinkAbout1999-12-21-TPT-Chiesa FarmDecember 21, 1999
Mr. Peter Enrich
Board of Selectmen
Town of Lexington
Lexington, MA 02420
Re: Chiesa Farm Conservation Land Trust Fund
Dear Mr. Enrich,
This letter is to set forth the terms under which the Trustees of Public Trusts
agree to hold the trust fund to be known as the Chiesa Farm Conservation Land Trust
Fund which we have established.
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. Until notified by one or both of the undersigned, all income and capital
gains shall be added to principal. After such notification, up to three -
quarters of the net income from the fund earned each year shall be paid
from time to time as requested by a majority vote of the Conservation
Commission. Such net income may be spent for plantings,
signage, maintenance projects and land costs associated with the
acquisition of abutting land for conservation purposes. The intent is to
help preserve the character of the Chiesa Farm conservation area.
3. The Committee to designate appropriate projects for which such net
income may be used, shall be the Conservation Commission and its
Administrator. Input from both the Alan Fields and John Chiesa
families shall be requested and considered.
4. After said notification, (see #2) One quarter of the net income from the
fund each year shall be added to the principal; all capital gains shall
always be added to principal.
Very truly yours,
Alan Fields
John Chiesa
cc: N. Cohen
D. Williams
J. Miller