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Trustee of the Trust Funds

Wednesday 3 May 2010

Meeting Minutes

 

 

Approved June 16, 2010

        &= nbsp;

ATTENDANCE:               =

        &= nbsp;           &nbs= p;            &= nbsp;    Mary Gleason, John Kachmor, Cindy Ronning &= nbsp;      Trustees

 

 

ALSO IN ATTENDAN= CE:

        &= nbsp;           &nbs= p;            &= nbsp;    Ed Gleason&nbs= p;                   &= nbsp; Selectman Liaison

        &= nbsp;           &nbs= p;            &= nbsp;    Susan Martore-Baker     = Sr. VP Citizens Bank

        &= nbsp;           &nbs= p;            &= nbsp;    Judith Noel      &nb= sp;            =   VP      Citizens B= ank

        &= nbsp;           &nbs= p;            &= nbsp;   

 

Meeting Summary

 

Minutes Review:

 

The Trustees approved the meeting minutes of 21 April 2010 as written.

 

 

Discussion on Trust Fund Investment

Citizens representatives provided all the documentation necessary to implement the “Prudent Investor” plan, which the Trustees will review in preparation of signing of the appropriate ones at the next meeting.

 

The Trust funds and Capital Reserve Funds were discussed at length with the decision made to keep 5% of the portfolio liquid to cover necessary expenditures. They also elected to keep the Capital Reserve Funds (CRF̵= 7;s) in the Concentration Account with the Government Group for the time being. = The CRF’s will be integrated into the investment portfolio slowly once th= eir activity is evaluated.

 

Citizens will provide a recommended Prudent Investor Policy which the Trustees will = have to sign and submit to Terry Knowles at the State’s Charitable Trust Division to confirm the change from the “Prudent Man” to the “Prudent Investor” Plan for the Town.

The Trustees will be required to provide a certified letter of authorization fr= om the Town to support the transfer of stocks from the various brokerages and holding companies to Citizens Investment Group.

 

 

The Trustees provided the following documentation to Citizens for their disposi= tion:

1)     Binder of Stock Quar= terly and Year End Reports (to be returned after copy)

2)     Stock documentation covering:

a)     Putnam Income Funds Certifications

i)      = 208 Shares 408296

ii)     106 Shares 423853

iii)  477 Shares 407346

b)      Spectra Direct Registration Transaction Advice

i)      = 140 Shares Cusip 847= 560109

ii)     292 Shares Cusip 847= 560109

iii)  351 Shares Cusip 847= 560109

c)      PNM Resources, Inc S= hares Acknowledgement

i)      = 150 Shares Cusip 69349410-7

ii)     350 Shares Cusip 69349410-7

d)     Evergreen Acknowledg= ement for Account 61066306

e)     NSTAR Acknowledgemen= t for

i)      = 400 Shares Cusip 670= 19E107

ii)     800 Shares Cusip 670= 19E107

 

 

Next Meeting

The next Trustee Meeting will be scheduled for Wednesday 12 May, 2010 in the Po= lice Community Room at 4:00 PM.

Due to the nature and importance of this meeting it is necessary that all trust= ees be in attendance. In the event all Trustees will not be available the meeti= ng will be rescheduled.

 

Adjournment: The meeting convened at 5:30 PM

 

Respectfully submitted,

 

 

Ed Gleason

Acting Secretary

 

 

 

 

 

 

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