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HomeMy WebLinkAbout1999-12-28-TPT-SalterMr. Alan Field, Chairman Trustees of the Public Trusts Town of Lexington 1625 Massachusetts Ave. Lexington, MA 02420 Dear Mr. Field; December 28, 1999 This letter is to set forth the terms under which the Trustees of the Public trusts agree to hold the trust fund to be known as the Morton L. Salter Scholarship Fund 1. The Trustees will hold and invest the fund as part of the Endowment Fund administered by them for the benefit of the Town of Lexington. 2. Three- quarters of the net income earned each year by the fund shall be paid out in scholarship(s) awarded by the Lexington P.T.A. Council Scholarship Committee as long as such committee exists. if the Lexington P.T.A. Council Scholarship Committee ceases to exist, the income so earned may be awarded in scholarships designated by the Lexington High School Scholarship Coordinator. 3. Scholarships are to be need based. 4. One- quarter of the net income earned each year, and all capital gains, shall be added to prinipal. 5. Donations may be directed to either or both principal or income. U-�&' 1 I Nt � , L Walter H. Abrams Alice L. Abrams Cc: Tom Fenn David Williams