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HomeMy WebLinkAbout2000-04-TPT-Lex Police111 Mr. Alan Field, Chairman Trustees of the Public Trust Town of Lexington 1625 Massachusetts Ave. Lexington, MA 02420 Dear Mr. Field, 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 Lexington Police Betterment Association Scholarship Fund, 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 incomes earned each year b� the fund shall be paid out in scholarship(s) awarded by the Lexington P.T.A. Council Scholarship Committee as long as such cc>mmittcc exists, rf the . Uxington PTA, Council Scholarship Co mmit tee 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 principal. S, Additional donations may be directed to either or both principal or income at any time. J G. Lattiff