HomeMy WebLinkAbout2001-02-14-TPT-Millennium ArtMemorandum to: Alan Fields
Chairman
Trustees of the Public Trust
Subject: Millennium Arts Fund
This letter is to set forth the terms under which the Trustees of Public Trusts agree to hold
the Trust fund to be know as the Millennium Arts Fund which we have established.The fund
is being established with the expectation that the Lexington Education Foundation will
continue to fund grants which benefit all curriculum areas of the public schools, including visual
arts, performing arts and creative writing.
1. The Trustees will hold and invest the fund as part of the common trust funds administered
by them for the benefit of the Town of Lexington.
2. Three - quarters of the net income from the fund earned each year shall be paid from time
to time as requested by the Lexington Education Foundation to fund part or all of an LEF
grant.
3. The Board to designate an appropriate grant(s) shall be the Board of the Lexington
Education Foundation.
4. One quarter of the ne7' income and all capital gains earned each year shall be added to
the principal.
5. If once in the future a Selectmen endorsed group decides to hold a town wide
event similar to first night 2000, they may ask the Selectmen to request with LEF approval,
$2500.00 from the principal of the fund. This shall be seed money for the event which may
be repaid if possible.
cc: J. Pieri
J. Foster
D. Williams
K. Abbott
C. i�J�