HomeMy WebLinkAbout1999-11-09-TPT-KirkNovember 9, 1999
Mr. Alan S. Fields, Chairman
Trustees of Public Trusts
Town of Lexington
Lexington, MA 02420
Re: The Richard J. Kirk Trust - 1984
Dear Mr. Fields:
Richard J. Kirk, who died on August 8, 1999, has left a gift under the terms of his trust for the
purpose of establishing an endowment to be used for maintaining, supporting and improving the Lincoln
Park Fitness Path, to be known as the Richard and Jeanne Kirk Fund. This letter is to set forth the terms
under which the Trustees of Public Trusts agree to hold the endowment as provided in The Richard J.
Kirk Trust - 1984. Specifically:
1. The Trustees will hold and invest the fund as part of the common trust fund administered
by them for the Town of Lexington.
2. Up to seventy -five percent of the net income earned each year from the fund shall be paid
from time to time as requested by a majority vote of the Lincoln Park Subcommittee or its
designated successor committee, for the maintenance, support and improvement of the
Fitness Path. The remaining twenty -five percent of the income shall be added to
principal.
It would be consistent with Dick's wishes for the Lincoln Park Subcommittee to create a
committee to designate appropriate projects for which such net income may be used.
Such a committee might consist of a representative of the Hayden Center, the Lexington
Field and Garden Club, the Trustees of Public Trusts, the Lincoln Park Subcommittee,
and the Lexington Conservation Commission. The Director of the Lexington Parks and
Recreation Department could serve as an ex- officio member of the Committee.
Thank you for your attention to this matter.
Very truly yours,
David G. Kirk, Trustee
Enclosure
cc: Norman P. Cohen, Esq.
Mr. David G. Williams
Patricia D. Popov, Esq.
DOCSB \614054.1
- - -. -Iv. t1-�j a.. O, 177,
File No.: 49233.53672
Original retained by Goodwin, Procter & Hoars in its vault at State Street
Bank & Trust Company, Exchange Place, Boston, - MA.
SECOND AMENDMENT
TO
THE RICHARD J. KIRK TRUST - 1984
RICHARD J. KIRK of Lexington, Massachusetts, Donor of
Q THE RICHARD J. KIRK TRUST - 1984, under instrument of trust
t�t dated February 1, 1984, as amended by the First Amendment
thereto, dated February 4, 1993, of which he is now the sole
Trustee, pursuant to Article FOURTEENTH thereof hereby further
+' amends said instrument of trust as heretofore amended and the
trusts thereby created by striking out Articles SECOND through
NINETEENTH thereof in their entirety and substituting therefor
the following:
" SECOND : Disposition of Property During Donor's Life
During the life of the Donor, the Trustees shall pay to the
Donor such part or all of the net income and /or principal of the
trust as the Donor may from time to time request in writing, and
in their uncontrolled discretion the Trustees may at any time or
times and for any reason pay any part or all of the net income
and /or principal of the trust to the Donor even though the Donor
does not request such payment. Any net income not so paid shall
be added to the principal of the trust at such times as the
Trustees shall determine and in any event upon the death of the
Donor.
THIRD Disposition of Property Upon Donor's Death
Upon the death of the Donor, the Trustees shall pay from the
remaining principal of the trust, including all property to
which they become entitled as a result of the Donor's death, all
sums that are payable by them pursuant to the provisions of
Article FOURTH, and they shall distribute the balance of said
principal as follows:
1. Ten percent (10%) of said balance to PRESIDENT AND
FELLOWS OF HARVARD COLLEGE, Cambridge, Massachusetts, to provide
scholarship assistance to worthy students of HARVARD COLLEGE who
are graduates of Lexington High School, Lexington,
Massachusetts, and in need of such assistance.
2. Ninety percent (900) of said balance to TRUSTEES
OF PUBLIC TRUSTS, Lexington, Massachusetts, to be known as The
Richard and Jeanne Kirk Fund. The Donor expresses the hope
that, to the extent possible, seventy -five percent (75 %) of the
net income of said Fund, and if necessary, the principal, be
used as determined by the Lincoln Park Subcommittee, to
maintain, support and improve the Lee Fitness - Nature Path, and
twenty -five percent (25k) of the net income of said Fund be
added to principal, but he imposes no legal or equitable
obligation in this regard.
FOURTH Payment of Debts, Expenses, Legacies and
Taxes 1. The Trustees are directed to pay promptly to the
legally appointed representative of the estate of the Donor all
sums that said representative shall request from them from time
to time in writing within two years after the death of the Donor
for the payment of any or all debts and funeral expenses of the
Donor, expenses of administering the Donor's estate, pecuniary
legacies under the Donor's will and all codicils thereto, estate
2