HomeMy WebLinkAbout1999-05-25-TPT-minTOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS
Minutes of Meeting
May 25, 1999
A meeting of the Trustees was held at 7:45 P.M. at 1433 Massachusetts Ave.,
Lexington. Present were Trustees Alan S. Fields, David G. Williams and Thomas G.
Taylor, and Secretary Tammy Wilson.
The minutes of the November 10, 1998 meeting were approved.
Alan distributed a copy of the Portfolio Report prepared by Harbor Capital
Management Company dated May 24,1999 and noted that the value of the Endowment
Fund at that date was $1,461,960. The Trustees discussed the current allocations of 12%
cash, 56% fixed income and 32% equities and decided that they were comfortable with
this at the present time. It was voted to approve the transactions in the Fund since the last
meeting as shown on the Report.
The Trustees voted to accept the following new funds, to be used in accordance
with the descriptions attached to these minutes:
Michael Wagner Technology Recognition Fund.
Christine Martin Memorial Scholarship Fund.
Heritage Scholarship Fund.
It was voted to transfer to the PTA Scholarship Fund the following amounts of
income from the following named scholarship funds:
Charles D. Aker 200
Hallie Blake 230
Robert P. Clapp
50
Crocker Family
190
Nan and Ray Culler
100
Charles E. French
190
Mary P. Grace
395
Harrington Memorial
2125
Heritage Scholarship
100
Virginia Powers
525
Schumacher
1400
Sherburne
1200
Mary Sorenson
250
Ellen Stone
230
Charles Lyman Weld
485
total
7670
It was voted to send to the Lexington Field and Garden Club, as of June 30, 50%
of the income from the George O. Smith Fund and the Fred L. Emery Fund, the balance of
income to be added to principal.
It was voted to pay Tammy Wilson the sum of $1700 for services for the period
November 1998 through June 1, 1999.
Next meeting October 19, 1999 at 42 Adams Street.
Tom Taylor, Secretary