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HomeMy WebLinkAbout1999-09-28-TPT-Gardner10 -19 -1999 11:46AM FROM LEXINGTON SELECTMEN 7818639468 4- 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