HomeMy WebLinkAbout1999-09-28-TPT-Gardner10 -19 -1999 11:46AM FROM LEXINGTON SELECTMEN 7818639468
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Friends of the Lexington Council on Aging
1475 Massachusetts Avenue Lexington, MA 02173 (761) 869.0994
September 28, 1999
Mr, Alan. Fields, Chairman
Trustees of 'Public Trusts
Town of Lexington
1625 Massachusetts Avenue
Ucxington, MA 02420
Re: Jack and Sally Gardner Fund
Dear Mr. Fields,
This letter is to set forth the terms under which the Trustees of Public Trusts agree to .hold the
trust i'urnd to be known as the Jack and Sally Gardner Fund, The Friends of the Council on Aging
have established this fund with fiends received from the estate of Jack. (Jacob) Gardner.
1. The Trustees will hold 'and invest the fund as part of the common trust funds administered by
them for the Town of Lexington,
2. Up to Seventy -five percent (75 %) of the araival income shall, upon request, be made
available to the Friends of the Council on Aging, Lexington, Massachusetts such income may
be. spent in any manner the Friends of the Council on Aging deem appropriate to support
Fri ends of the Council on Aging activities.
3. Twenty -five percent (25 %) of the annual income and all capital gains shall be transferred to
principal each year..
4. By a two - thirds vote of the Board of Directors of the Friends of the Council on Aging,
principal may be used for any purpose deemed appropriate.
With thanks,
Peter Kelley
President
Friends of the Council on Aging
W
CC: Normwi Cohen, Town ,Council
David Williams
Rebecca Clarke, Treasurer, FCOA