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