HomeMy WebLinkAbout2002-12-04-TPT-minTOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS
Minutes of Meeting
December 4, 2002
A meeting of the Trustees was held at 8:00 P. M. at 1433 Massachusetts Avenue,
Lexington. Present were Alan Fields, David Williams and Thomas Taylor.
The minutes of the August 8, 2002 meeting were approved.
David reported that a statement had been distributed to beneficiaries of the funds
explaining the effect on payouts of the decline of the equity markets and interest rates.
Funds have been switched from equities to fixed income; we are now at 20% on
the equity side of the portfolio.
The following new funds were accepted;
George O. Smith Scholarship Fund - initial contribution $246,518.
Norman Cohen Scholarship Fund - initial contribution $6700.
Virginia and Edward Williams Scholarship Fund - $8725.
Terms are set forth in letters attached to these minutes.
It was voted to accept changes in the terms of the David Isenberg Fund as set forth
in the attached letter.
Pursuant to agreement with the Town, as of July 1 all income in the Westview and
Munroe Cemetery Funds was transferred to principal. All perpetual care funds received
by the Town will be sent to the Trustees, and every January 1 income accrued on'these
cemetery funds will be transferred to the Town.
As in the past, Christmas gifts of $100 each will be given to the two secretaries
who help with administrative tasks in the Town Office, funds to come from the Gilmore
Fund.
It was voted to merge the Colonial and Charles French Cemetery Funds.
Next meeting on January 29, 2003 at State Street Global Advisors.
Tom Taylor, Secretary