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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