HomeMy WebLinkAbout2000-05-23-TPT-Stavenhagen1377 Massachusetts Avenue
Lexington, Massachusetts
May 23, 2000
Mr. Allen S Fields
Trustees of Public Trusts
Town of Lexington
Lexington, Ma, 02420
Dear Mr. Fields: ( Stavenhagen Family Scholarship Fund )
This letter is to set forth the terms upon which the Trustees of Public Trusts
agree to hold the trust fund ( to be known as the Stavenhagen Family Scholarship
Fund) established by the Stavenhagen Family Fund.
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. Net Income from the shall be paid as follows:
(a) Each year the Trustees shall award a scholarship in the
amount of up to three- fourths of the net income of the fund. Remaining
income from the fund shall be added to the principal.
(b) The scholarship will be awarded to a student who has
demonstrated a need for the funds in order to continue his or her
academic education .
(c) The scholarship will be awarded to a student who has
worked conscientiously and to the best of his or her ability without
necessarily achieving high level academic standing.
(d) Awards will be made by The PTA Scholarship Committee
in accordance with the above and using its usual selection
processes.
Sicerely yours,
Carole H. P. & Joseph Stavenhagen