HomeMy WebLinkAbout2000-04-TPT-Lex Police ChildrenApril, 2040
Mr, Alan Field, Chairman
Trustees of the Public "Trusts
Town of Lexington
1625 Massachusetts Ave.
Lexington, MA 02420
Dear Mr. Field,
This letter is to set forth the terms under which the Trustees' the Public trusts agree to
hold the trust fund to be known as the Lexington Police Children's Scholarship Fund.
The Trustees will hold and invest the fund as part of the Endowment Fund
administered by there 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 Board of the Lexington Police Betterment Association,
3. Scholarships are to be awarded to children of a currently active Lexington Police
officer. They do not have to be residents of Lexington to apply,
4, One - quarter of the net income earned each year, and all capital gains, shall be
added to principal.
5. Yf in any given year no applicants apply, income may be transferred to principal,
6, Donations may be directed to either or both principal or 'income,
g G. Lattiff ent